The winter season is fast approaching, and Rhode Island Energy has increased its electric rates for its commercial and residential customer classes, effective October 2024 through March 2025. Industrial customer class rates have been proposed for January 1, 2025, through March 31, 2025, and are still under review.
The risk of even an average-temperature winter for the area could result in price spikes in the coming months. If you are currently getting your energy supply through the utility, you could see significant rate increases over the next several months, and if your business is also receiving gas provided by the utility, there is an additional risk of significant price increases during the winter season. As restaurateurs and others in the hospitality industry certainly know, energy costs in Rhode Island have been a never-ending challenge over the past few years; price spikes in the Rhode Island market can be sudden and volatile.
To effectively manage your energy costs, and potentially lower your costs, you can work with a third-party energy supplier, like Sprague Energy, who can provide a variety of plans and pricing structures to fit your needs. Sprague’s fixed price solutions allow customers to lock in their power rate at a specific price over a designated timeframe. Fixed pricing options can take advantage of favorable market opportunities and give you more price stability for a higher level of budget certainty through the winter months.
Sprague Energy partners with businesses to provide energy contracts, helping mitigate risk in volatile markets, while potentially eliminating unnecessary costs. By closely monitoring market trends, particularly gas futures and forward curves, Sprague may be able to predict price fluctuations and proactively engage with customers. By offering tailored solutions and leveraging market expertise, Sprague is your partner to navigate energy markets.
If you are interested in a comparison analysis of your energy costs, please contact Diane Vanpelt at dvanpelt@spragueenergy.com or check out our RIHA program information to learn how we have been helping members like you for over 25 years. https://www.spragueenergy.com/riha/
All information is from Sprague Energy unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such.
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The views expressed in this material are the views of Sprague Energy’s marketing team through the period ended December 2, 2024 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.
