Saturday, February 4 2023 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of Jan 30
Week of Jan 23
Week of Jan 16
Week of Jan 09
Week of Jan 02
By Topic
By News Partner
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    CT lawmakers call for multi-state hearing on 'exorbitant' Eversource rate increases


    November 28, 2022 - Alex Putterman, Connecticut Post, Bridgeport

     

      Nov. 25—Legislative leaders in Connecticut are calling for a multi-state hearing on the utility giant Eversource, after what they describe as "exorbitant and punishing" rate increases set to take effect next year.

      In a letter sent to the chair of the state's Public Utility Regulatory Authority on Friday, Senate Democrats called on PURA to hold a meeting in collaboration with regulators in Massachusetts and New Hampshire.

      "This hearing should encompass the process by which Eversource procures energy, how it forecasts natural gas and other fuel source rates and if it is providing their ratepayers with sufficient protections from excessive increases such as we have just seen proposed," read the letter, which was signed by 20 Senate Democrats, including Senate President Pro Tempore Martin Looney, D-New Haven, and Senate Majority Leader Bob Duff, D-Norwalk.

      A PURA spokesperson said Friday morning that Chair Marissa Gillett "shares the senators' objectives of increasing accountability and transparency, and looks forward to exploring all reasonable efforts to address this untenable situation."

      "Chair Gillett intends to pursue the Senators' request for multi-state collaboration, and will update the leaders and the public with her efforts to do so," the spokesperson said.

      Last week, Eversource announced that electric generation rates would double from from 12.1 cents per kilowatt hour currently to 24.2 cents per kilowatt hour as of Jan. 1, barring regulatory approval, causing electric bills for the average residential customer to increase $85 a month. United Illuminating announced a similar spike, from 10.62 cents per kilowatt hour to 21.94, leading the average bill to spike $79 a month.

      With the increases, generation rates will be nearly twice as high as at any point in the past 10 years.

      While the utility companies have said the increases are an unavoidable result of a spike in natural gas costs, the Democratic senators knocked Eversource for "extreme profit seeking and lack of foresight." They noted that Eversource's rates are higher than those of at least one competitor, Avangrid, as well as municipal electric utilities.

      "How is Eversource, with large economies of scale available to it, unable to compete with small municipal electric suppliers?" they wrote. "The obvious answer to this question is simple: greed."

      Currently, lawmakers and regulators have little ability to block Eversource and UI's rate increases, though calls for further oversight have grown louder in recent years.

      In their letter, the lawmakers wrote that Eversource "makes record profits, delivers those record profits to investors at the expense of ratepayers and makes its executives fabulously rich" and called for a system that more closely ties profits to performance.

      "Shareholders, executives and regulators need to come together to provide relief for ratepayers and restore confidence in the management of Eversource," they said.

      alex.putterman@hearstmediact.com.

      ___

      (c)2022 the Connecticut Post (Bridgeport, Conn.)

      Visit the Connecticut Post (Bridgeport, Conn.) at www.ctpost.com

      Distributed by Tribune Content Agency, LLC.

    TOP

    Other Articles - Generation


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.