Eversource Seeking Rate Hike of $503 Million
On Wednesday, (May 20th) Eversource said it is seeking a $503 million rate hike — which would raise its Connecticut electric customers’ bills by about 11%. The following day, Gov. Ned Lamont unleashed a scathing critique of the utility.
In a message delivered to families struggling with high electricity bills, Lamont accused Eversource of leaning on its customers to fund generous executive pay and higher profits for shareholders, noting that Eversource reported $1.69 billion in profit last year and that its CEO, Joseph Nolan, took home $13.5 million in salary and benefits.
Eversource cited the need to keep up with inflation and maintaining the electrical grid.
There’s not much Lamont can do about the proposed rate hike: Ratemaking decisions fall to the Public Utilities Regulatory Authority, an independent body. But Lamont called on them to “look at every one of these numbers and ask: does this serve Connecticut families, or does it serve Eversource shareholders?”
