Hassan Signs Electric Rate Reduction Financing Bill

Gov. Maggie Hassan, D-Exeter, sign SB 221 yesterday, a bill that will create electric rate reduction financing that she said would reduce energy costs while diversifying the state’s energy sources.

“Senate Bill 221 is an important step toward that goal, critical to the success of the divestiture agreement that was reached earlier this year with Eversource, minimizing impacts on ratepayers, helping avoid costly litigation, and allowing us to focus on building a more innovative and more affordable energy future,” she said. “I applaud Senator Bradley and Senator Feltes for their leadership on this important issue. I also thank the state team, Office of Energy and Planning Director Meredith Hatfield, both legislative committees and the diverse group of stakeholders for their hard work in developing this legislation, as well as legislators from both parties for their overwhelming bipartisan support.”

Senate Majority Leader Jeb Bradley, R-Wolfeboro, and state Sen. Dan Feltes, D-Concord, released a joint statement thanking the governor for signing the bill.

“This legislation works to protect New Hampshire PSNH’s electric customers by ensuring they will see lower rates and those PSNH shareholders will bear some of the burden of stranded costs incurred by the Merrimack Station Scrubber,” Bradley stated. “I am glad to see this important measure become law and thank Meredith Hatfield of the Governor’s Energy Office and the other members of the State Team that negotiated the Settlement with PSNH and also worked to see this legislation pass.”

Feltes added, “This legislation helps us complete the transition to a competitive energy marketplace in New Hampshire, while balancing the interests of all ratepayer classes, municipalities, and workers. Signing SB 221 into law is a significant step to reduce energy costs, provide certainty in the energy market, and help move the Granite State economy forward for everyone. We really appreciate all the time, work and effort that Meredith Hatfield and other members of the State Team put in to make this happen.”