National Grid and Eversource are backing off plans to charge interest on bills that will be reduced in February and March with the use of state funds.
In her third State of the Commonwealth Address last week, Massachusetts Gov. Maura Healey outlined new steps her administration is taking to lower electric bills by 25 percent and gas bills by 10 percent.
The utility companies can recoup the costs in the summer when bills are more affordable.
During her 2027 fiscal year budget unveiling on Wednesday, Healey expresses surprised that the companies were initially planning to collect the interest.
“I was surprised when they came forward to say they were going to carry this bit of carrying interest on. I have reached out to them. I have demanded that they remove those costs for rate payers. We’re going to focus on what we can do to drive down costs,” said Healey.
The state is using 180 million dollars to temporarily lower customer bills in February and March.
“In order to align all winter rate relief efforts for our customers, Eversource will voluntarily forego all carrying or interest costs related to all upcoming bill reductions, consistent with the separate Winter Bill Stabilization line item we began providing our gas customers earlier this month. With the extreme cold temperatures expected to persist creating the potential for even higher usage, this is the appropriate step to take in support of customers,” a spokesperson with Eversource told Boston 25 News in a statement.
“Every day National Grid focuses on safety, reliability and affordability. Energy policy requires a balanced approach of those interests and we remain committed to long‑term solutions that reduce volatility, improve transparency in what drives costs, and ensure safe, reliable service. National Grid is providing targeted winter bill relief in collaboration with the Healey‑Driscoll Administration and will not collect carrying charges tied to this deferral," a National Grid spokesperson added.
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