Connecticut regulators dealt United Illuminating a major setback, recommending approval of just a fraction of the utility’s $105M rate hike request. (HBJ)
PURA’s proposed decision would raise revenues by $28.7M and cut UI’s allowed ROE to 8.75%, citing performance shortcomings tied to storm costs, metering, and English Station remediation.
José Antonio Miranda Soto, CEO of UI parent company Avangrid, said the ruling would leave the utility operating on the same budget it had 12 years ago, resulting in layoffs, gutted storm response budgets, and other “serious, long-term consequences.”