Connecticut Attorney General William Tong filed a brief with the Public Utilities Regulatory Authority (PURA) seeking the rejection of what he dubbed an “excessive and unwarranted” request by Eversource-owned Aquarion Water Co. to raise its rates by 27% over three years.
Eversource (NYSE:ES) acquired the Monroe-based Aquarion in 2017 and this is the first time that a rate case was filed by Aquarion since that acquisition. Tong”™s brief highlighted ways to reduce the burden on ratepayers, including a return on equity sought by Aquarion that would exceed that of any other regulated utility in Connecticut. The brief also called on PURA to reject the use of ratepayer funds for $1.4 million in bonus pay, incentives for the acquisition of smaller unprofitable water systems, and for reimbursements for incomplete infrastructure projects.
“The company has failed to meet its burden of showing that such a large rate increase is necessary or appropriate. To the contrary, the evidence in this proceeding clearly shows that Aquarion”™s proposed rate increase is excessive and unwarranted,” said Tong in the brief. “Connecticut consumers ”“ especially those on fixed or limited incomes ”“ are simply unable to absorb any further increases in their cost of living. These customers need the Authority and all of the participants in this proceeding to work to ensure that the water utility rates approved here will be no more than absolutely necessary.”
