NEW BRITAIN, CONN (WTIC Radio)-The Public Utilities Regulatory Authority approved a final rate hike request by United Illuminating.
U-I sought $131 million but was granted just shy of $23 million.
Pura said the decision means an average increase in bills of about two percent.
The investigation process lasted 350 days including public comment hearings, field audits, inspections and several rounds of testimony. One official said
the process included a four foot stack of documents.
Rate cases are a vital tool for regulators to assess company performance and to ensure that ratepayers are receiving commensurate value for investments made on their behalf,” said PURA Chairman Marissa P. Gillett. “This decision recognizes areas in which the company has made progress since its last rate case, as well as areas in which PURA expects UI’s management to enhance its efforts moving forward.”
“Today’s decision represents a road map by which we can all reach a place where UI and its investors are justly compensated for investments and efforts,” said PURA Commissioner Michael Caron. “Ratepayers, legislators, other parties to the proceedings, and PURA must be satisfied that customers are receiving verified value for their money.”
"Today, PURA took action to protect Connecticut's ratepayers and prevent them from further escalating costs at a time when they are already facing financial challenges," said Sen. Norm Needleman, Senate Chair of the Energy and Technology Committee.o "Despite unprecedented pressure from utility company leaders and lobbyists, PURA took a look at the hard facts involved in UI's rate case request. Their actions today follow the spirit of increased regulations focused on performance sought in recent years including the Take Back Our Grid Act and this past year's Senate Bill 7. I'm relieved Connecticut ratepayers will not face a sharper spike in energy costs in coming years."
