04/03: Senate Bill 170 (SB 170) was enacted and stated that the Public Service of New Hampshire (PSNH) could not sell certain fossil and hydro generation assets until April 2006.
Source: New Hampshire General Court
http://www.gencourt.state.nh.us/legislation/2003/sb0170.html

12/02: The Public Service of New Hampshire (PSNH), the state’s largest electric utility, agreed to buy Connecticut Valley Electric Company’s (CVEC) franchise and electric system. The Federal Energy Regulatory Commission, the New Hampshire Public Utilities Commission, and the Securities and Exchange Commission were scheduled to review the sale for approval.

09/02: The New Hampshire Public Utilities Commission approved Unitil Corporation’s settlement agreement. This agreement combined Unitil’s two subsidiaries and also provided for retail choice beginning in May 2003.
Source: Unitil Corporation
http://www.unitil.com/content/press/2002-09-19.asp

05/02: The New Hampshire Public Utilities Commission (PUC) enacted a four year extension to Granite State Electric customers’ transition service.
Source: New Hampshire Public Utilities Commission
http://www.puc.state.nh.us/regulatory/Orders/2002ORDS/23937e.PDF

05/01: The Public Service of New Hampshire (PSNH) implemented retail access on May 1, 2001, for a majority of its customers. The start date for retail access was delayed for one month because more time was needed to secure the bonds necessary to finance PSNH's deregulation plan. Customer rates were reduced by 10 percent for PSNH customers.

04/01: House Bill 489 (HB 489) was enacted and extended the period of transition service which Public Service Company of New Hampshire (PSNH) was required to provide 24 months after the initial transition service end day for residential, street lighting, and general delivery service rate G customers. For all other customers, the transition service would be extended 12 months after the initial transition service end day. Also, the bill postponed the sale of certain PSNH fossil and hydro generation assets to February 2004.
Source: New Hampshire General Court
http://www.gencourt.state.nh.us/legislation/2001/HB0489.html

01/01: The New Hampshire Supreme Court upheld Public Service of New Hampshire's (PSNH) restructuring plan, clearing the way for competition to begin for the majority of consumers in New Hampshire. The PSNH planned to implement retail choice by April 2001. The plan called for a 10-percent rate reduction; standard offer rates between 4.4 and 4.6 cents per kWh, increasing gradually over a three year transition period; and divestiture generation assets, including PSNH's interest in Seabrook nuclear and about 1,200 MW in fossil and hydro plants.

12/00: Granite State Electric Company was granted permission to increase rates by the New Hampshire Public Utilities Commission (PUC) due to the rising costs for natural gas and petroleum. The rate would rise from 3.8 cents/kWh to 5.6 cents/kWh, an average of 18.4 percent on a customer's bill.

10/00: Lawsuits filed by consumer groups challenged the new PSNH restructuring settlement concerning stranded costs recovery as unconstitutional. Competition was scheduled to begin on January 1, 2001, with an accompanying rate reduction of about 10.5 percent.

10/00: Public Service of New Hampshire (PSNH) would end its pilot program on November 30, 2000. About 3,000 customers were currently part of the program as of October 2000.

09/00: The PUC approved a settlement that resolved a three-year long dispute over the restructuring of PSNH. The settlement, which was signed into law in June 2000, called for the utility's residential customers to receive a 5 percent rate reduction on October 1, 2000. The full rate reduction would total 15.5 percent and would happen when "Competition Day" occurred. The actual start of competition, or Competition Day, was dependent on how soon financing of the rate reduction was completed, as well as possible legal challenges to the PUC orders by other parties. Residential rates were proposed to be capped for nearly three years, and businesses' rates for nearly 2 years. PSNH had the ability to begin refinancing $800 million in debt to be paid off over 12 to 14 years. PSNH would divest its generation assets by July 2001, and operate as a transmission and distribution utility, regulated by the State.

06/00: The New Hampshire Electric Cooperative voted to set their own rates and approve financing without oversight of the PUC. The PUC would continue oversight of contracts between the cooperative and outside suppliers, IPPs, and municipal utilities as well as continuing oversight of deregulation activities and the service territory.

06/00: Legislation was passed and signed into law that would resolve the lengthy dispute that delayed retail competition in the PSNH area. Senate Bill 472 authorized the refinancing of $800 million of PSNH debt to be paid off over 12 to 14 years. PSNH would reduce rates by an average 15.5 percent for businesses and 17 percent for residential consumers. Residential rates would be capped for nearly three years, and businesses' rates for nearly 2 years. It was further proposed that PSNH would divest its generation assets by July 2001, and operate as a transmission and distribution utility, regulated by the State.

08/99: The PSNH filed an agreement with the PUC that could end the litigation that blocked competition in PSNH territory. Under the agreement, it was proposed that PSNH would be allowed to recover $1.9 billion in stranded costs, and allow the issuance of $725 million in bonds to finance part of these costs (a process known as securitization). The governor supported the agreement, and stated that "If approved by the PUC and legislature, this agreement will reduce electric rates about 18 percent for families and businesses, open the door for electric competition, and end the costly litigation brought by PSNH that has blocked competition and lower rates for the past two years."

07/99: House Bill 464, a law that addressed rate reduction financing or securitization, was signed into law on July 16, 1999.

04/99: Restructuring in New Hampshire was at a standstill due to Federal court rulings concerning the PUC's efforts to set stranded costs and rates for PSNH.

12/98: The US Circuit Court of Appeals ruled in favor of a lower court ruling, preventing the New Hampshire PUC from implementing deregulation, advancing PSNH's lawsuit over the plan to trial. The trial was scheduled for February 1999.

10/98: Granite State proposed that it would begin retail choice in its service territory upon the closing of the sale of NEP's non-nuclear generation assets

09/98: New England Electricity System (NEES) completed the sale of its 18 power plants and 23 power contracts to U.S. Generating. As a result, customers of Granite State, a NEES subsidiary, would see about a 17 percent rate reduction (including the 10 percent already realized in June). House Bill 1392 stated that utilities should be allowed to recover net unmitigated stranded costs, and are obligated to take reasonable measures to mitigate their stranded costs. Nonbypassable charges to consumers was recommended as the recovery mechanism (entry and exit fees were not preferred). The PUC Final Plan discussed stranded cost recovery through divestiture of generation assets and contracts and securitization of debts.

09/98: Unitil (subsidiaries included: Concord Electric, Exeter & Hampton Electric, and Fitchburg Gas & Electric) filed its restructuring settlement agreement with the PUC. In the agreement, Unitil would sell its New Hampshire power supply portfolio and be allowed to recover 100 percent of stranded costs over 12 years. Customer choice was scheduled to be phased-in beginning March 1, 1999.

08/98: The PUC ruled that New Hampshire Electric Cooperative could offer customers choice if FERC approved the "interpretation of its contract" for power purchases with PSNH.

07/98: The competition pilot program was extended beyond its original ending date in 5/98 until PSNH’s legal disputes were settled and retail competition was scheduled to begin.

06/98: US District Court issued an order enjoining the PUC from implementing any restructuring plans until the court held a trial for the suit filed by PSNH.

06/98: Senate Bill 341, a law that addressed default and transition services, was signed into law on June 17, 1998.

06/98: House Bill 485, a net metering law, was enacted to allow customers with 25kW or less renewable generation to have the ability to utilize net metering.

06/98: The PUC gave approval to a settlement, the first in the state, with Granite State Electric to bring retail competition to the electricity market.

05/98: The New Hampshire Supreme Court heard arguments in the PSNH rate agreement case. A ruling is expected early in June 1998.

04/98: The Granite State restructuring plan was approved by PUC and the governor. Retail choice was scheduled to begin July 1998 regardless of other utilities in the State. A 10- percent rate reduction would go into effect and, after divestiture of generation assets, a 17-percent reduction. Stranded cost recovery was set at 2.8 cents/kWh, decreasing by 50 percent once divestiture was completed.

04/98: The case brought by the PSNH was delayed by a Federal judge until November, possibly delaying the scheduled beginning of retail choice until next year. Legislators discussed a delay to January 31, 1999, or authorizing the PUC to postpone retail choice indefinitely beyond July 1998. Public Service Company of New Hampshire sued the state to block statewide competition centering on stranded cost recovery using market-based calculation rather than cost based.

02/98: Granite State's restructuring plan was approved; it would offer customer choice to 36,000 customers and rate cuts up to 17 percent beginning July 1998.

01/98: The PUC formally delayed the January 1998 start of retail competition to July 1998 due to the continuing litigation between the PUC and Public Service of New Hampshire.

03/97: The Public Service Company of New Hampshire filed a complaint with The Federal District Court requesting the court enjoin the PUC restructuring plan, due to basing stranded cost recovery on market forces rather than utility costs. The court issued a stay on the plan as it applied to PSNH.

03/97: PSNH filed a complaint in Federal District Court requesting a stay against the PUC's stranded cost recovery plan, claiming the PSNH would be forced into bankruptcy. The stay was issued, halting implementation of the restructuring plan as it applied to PSNH. The stay was extended until a trial was scheduled and completed.

02/97: Results of the PUC retail choice pilot program were reported and indicated that a 15 to 20 percent savings was achieved.

02/97: The PUC issued a final plan and legal analysis for restructuring the electric power industry in New Hampshire. Among the issues addressed by the plan are market structure, unbundling electric services, stranded costs, and public policy issues such as universal service, renewable energy, and customer protections.

05/96: House Bill 1392 was enacted, requiring the PUC to implement retail choice for all customers of electric utilities under its jurisdiction by January 1, 1998 or at the earliest date which the Commission determined to be in the public interest, but not later than July 1, 1998.

05/96: The PUC began a 2-year state-wide pilot program covering approximately 3 percent of the load served by 6 utilities.

06/95: Legislation directed the PUC to establish a statewide pilot program for retail competition for about 17,000 customers (approximately 3 percent of the State’s consumers).