CONNECTICUT — A letter of intent to state regulators filed Wednesday by Eversource Energy indicates the utility will be seeking an average 11 percent increase in its electric distribution rates for Connecticut customers in the next round of billing.
The letter to the Connecticut Public Utilities Regulatory Authority represents the first request for a base rate jump in roughly nine years.
If approved by PURA, after the lengthy vetting process, the proposed increase would be connected to the "delivery" portion of electric bills, which covers poles, wires, substations and the power grid.
The new rate season commences on July 1, 2027.
Eversource said in the filing that it can keep the increase to 11 percent if it can take advantage of a new law that would extend collection of more than $1 billion in storm damage costs by issuing state bonds.
Attorney General William Tong released the following statement regarding news that Eversource intends to file for the double-digit rate hike this summer:
"Connecticut families are getting crushed by unaffordable energy costs while Eversource executives crow to Wall Street over surging profits and rake in multimillion dollar bonuses. But they choose now to demand hundreds of millions of dollars more. Why? Because after years of litigation and lobbying, they finally ran their chief regulator out of town.
"They want a rate hike now not because they need one, but because they think they can get away with it. We're going to scrutinize every profit, every bonus, every perk and every padded expense in their application and we're going to be fighting for Connecticut families and small businesses at every step of this process."
Sign up for free local newsletters and alerts for the
Across Connecticut Patch
Patch.com is the nationwide leader in hyperlocal news.
Visit Patch.com to find your town today.