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NiMo files plan to cut electricity prices for second consecutive year

Niagara Mohawk (NiMo) has filed plans to lower power rates with the New York Public Service Commission. The proposed lowering is the second year the utility will reduce its electricity prices under NiMo’s PowerChoice plan.

PowerChoice, which became effective on 1 September 1998, is NiMo’s plan to reduce electricity prices, restructure the company and offer all customers a choice of electricity suppliers. The current filing calls for residential and small commercial customers to see average price reductions of about 1% in addition to the approximate 0.8% reduction that became effective last year. Combined with price decreases which were implemented last September, the new reductions will provide customers with more than US$370M in savings. If approved by the state Public Service Commission, the new prices will become effective from 1 September.

Another electricity price reduction, slated for 1 September 2000, will bring overall savings for residential and small commercial customers to approximately 3.2%. Industrial customers will see larger decreases to retain and create jobs and promote economic development. Total savings for all customer classes under the three-year PowerChoice plan will amount to US$600M, including discounts currently offered to Niagara Mohawk’s largest customers under the company’s flexible pricing programmes.