National Grid said Thursday that it plans to cut its electric supply rates this summer, after a steep increase in the winter months.
The utility, one of two major electric suppliers in Eastern Massachusetts, filed plans with state regulators to cut its summer electric supply rates by 58 percent, to 14.1 cents per kilowatt hour, effective May 1. The rates would still be 18 percent higher than the same period last year.
When factoring in delivery charges as well, the monthly bill for the typical residential customer would drop by 39 percent, from $297.22 to $181.83, the utility said.
National Grid has about 1.35 million residential customers in Massachusetts, roughly half of whom are on the company’s Basic service plan, which passes on electric supply costs at the same price the company pays. That price soared 60 percent this winter, in part due to natural gas supply shocks tied to the war in Ukraine.
Electric prices also typically fall in summer due to reduced demand during warmer months for the natural gas that — in addition to heating homes — fuels many power plants in New England. The state’s other major electric utility, Eversource, has yet to file its summer rate plan but prices at the two utilities typically move in tandem.