U.S. Senator Richard Blumenthal (D-CT) urged the Connecticut Public Utility Regulatory Authority (PURA) to reject the three rate hike proposals made by Eversource, and instead impose a fourth option upon the utility – no increase in utility rates for Connecticut’s electricity customers.
Eversource has unconscionably presented PURA with three rate hike options, claiming they under-recovered almost $20 million during 2020, while making over $1.2 billion profits – an increase of 34% over 2019. All three options would result in a 12% increase for Connecticut rate payers.
In a letter to regulators, Blumenthal said, “Eversource is claiming under-recovery in 2020 of their costs from ratepayers, the company announced $1.2 billion in profits for 2020! Of that $1.2 billion, $457.9 million in profit came from Eversource’s Connecticut Light and Power division. The head of Eversource received more than $14 million in compensation.”
Following Tropical Storm Isaias, Blumenthal spoke with customers and local elected leaders across the state regarding Eversource’s response to the storm. Noting to regulators that “PURA should also consider that Eversource set new lows in its egregious performance in preparing Tropical Storm Isaias and then its delayed response. Such flagrantly failed service should not be rewarded by forcing ratepayers to pay more money to a company already reaping substantial profits and highly compensating its executives. For consumers who have suffered deeply from Eversource’s utility malpractice, raising rates piles on insult and injury.”
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