The state Public Utilities Regulatory Authority announced Friday that it has approved revised generation rates for residential and business customers taking standard service generation from Eversource Energy, previouslyknown as the Connecticut Light and Power Co., and the United Illuminating Co.

Eversource and UI recently submitted proposed rates based on competitive auctions held earlier this year to procure sufficient power to meet forecast load, PURA said in a news release. The bid process, the resulting rates and underlying calculations were analyzed and verified by PURA technical staff, and approved by PURA's commissioners at a public meeting Friday, the agency said. 

Effective July 1, Eversource's residential generation rate will decrease from 12.629 cents per kilowatt-hour to 8.228 cents per killowatt-hour. UI's residential generation rate will decrease from 13.3108 cents per kilowatt-hour to 9.1241 cents per kilowatt-hour. 

The Standard Service generation service rates for other residential and business customer classes are also set to change effective July 1.

The generation rate – which recovers the cost to generate electricity – comprises roughly half of the monthly electric bill for most residential users, PURA said. 

Other charges on electric bills that recover the cost to deliver electricity – which will be adjusted by PURA later this year for implementation in 2016 – include distribution and public benefit charges. Delivery costs also include transmission charges, which are set by the Federal Energy Regulatory Commission.

Approximately two-thirds of Connecticut’s residential customers receive standard service generation from Eversource and UI, PURA said. The remaining residential customers have chosen to receive their electricity from licensed electric suppliers, whose rates may be more or less than the standard offer depending upon contract terms and the energy source.

Customers can compare UI and Eversource Standard Service generation rates to licensed suppliers' current offers on Connecticut's official generation rate board at: www.energizect.com. From the home page select "Choose Your Electric Supplier."