(Hartford, CT) — Attorney General William Tong today called on the Public Utilities Regulatory Authority (PURA) to significantly reduce Eversource’s rates.
Following the passage of the Take Back Our Grid Act last year, PURA opened a rate review proceeding and is evaluating electric companies’ rates to see if an interim rate reduction is appropriate. The Take Back Our Grid Act, passed in October 2020, urged PURA to examine whether interim rate relief was warranted for Connecticut consumers.
“Connecticut families and consumers cannot afford to pay any more for their utilities. Electricity costs in our state are already the highest in the continental United States and as families continue to work and attend school from home because of the COVID-19 pandemic, they need a break from these oppressive costs,” Attorney General Tong said. “I am urging PURA to approve an interim rate decrease and give ratepayers a much-needed reprieve.”
Attorney General Tong’s brief notes that since its last rate case in 2018, Eversource’s costs have decreased, but those reductions are not reflected in Eversource’s current rates. Decreasing Eversource’s annual distribution revenue by between $65 million and $123 million per year would reduce Eversource’s rates to a range that is reasonable. A $100 million rate reduction would result in 4.54 percent distribution rate decrease and a 2.6 percent total bill decrease for ratepayers.
“Eversource ratepayers pay far too much for electricity and Eversource shareholders are reaping the benefits,” Attorney General Tong states in the brief. “Oppressive electric rates impose unreasonable economic burdens on Connecticut families, which are more home-centric in their work, educational, and leisure pursuits due to the COVID-19 public health and economic crises. In the Take Back Our Grid Act, a product of the September 2020 Special Session, the Legislature urged PURA to examine whether interim rate relief is warranted for Connecticut electric ratepayers during these turbulent times. The evidence presented in this case demonstrates that Eversource’s rates are bloated and unaffordable.”
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