Rhode Island’s AG is accusing Rhode Island Energy of shortchanging ratepayers by tens of millions in promised bill credits. (Rhode Island Current)
The issue: Under PPL Corp.’s 2022 deal to buy the state’s gas and electric systems, the utility must offset $240M in tax-related costs for ratepayers. Rhode Island Energy values that at $155M, cutting winter bills by $20–$50/month in 2026 and 2027.
The fight: AG Peter Neronha says the company used the wrong math—applying its weighted average cost of capital instead of a risk-free Treasury rate—which he argues cheats customers out of $37–$39M. “They need to cough up every last penny they owe,” he said.
The pushback: RIE president Greg Cornett called the claim political grandstanding, saying the credits were voluntary and backed by the governor. The PUC will decide which formula wins before the discounts kick in.