Connecticut’s Public Utilities Regulatory Authority (PURA) sliced down a revenue increase request by United Illuminating Co. from the $98 million level requested by the utility in July for 2017 to approximately $39 million. PURA will also allow UI to experience revenue increases of $11.5 million in 2018 and $2.9 million in 2019.
The state agency also slimmed down UI’s return on equity from its current 9.15 percent level to 9.10 percent and shrank UI’s proposed monthly service charge for most residential customer to $9.64, roughly half of the current $17.25 to $18.74 range that is now being charged. PURA estimated that the overall monthly rate impact on an average residential customer will be approximately 3.25 percent beginning in January.
“PURA’s ruling strikes an appropriate balance between UI’s need for revenue to maintain a reliable, safe system with customer expectations for fair and reasonable rates,” said PURA Vice Chairman John W. Betkoski III.