Your Eversource bill is going up.
The Public Utilities Regulatory Authority, or PURA, approved a rate increase on Eversource customers totaling more than $124 million over the next three years.
PURA says the average residential customer using 700 kilowatts per hour will see a $5.40 per month rise on their electric bills.
While the average customer will pay more than $60 per year more, PURA says it is considerably less than the nearly $337 million over three years Eversource was trying to get approved.
A statement released by PURA says:
Eversource’s November 22, 2017 application for a rate increase sought additional revenue of $336.9M phased in over three years. On January 11, 2018, Eversource, PURA Prosecutorial staff and the Office of Consumer Counsel jointly submitted for PURA approval a proposed settlement agreement intended to resolve Eversource’s revenue requirement request. The proposed settlement agreement was subsequently revised to address additional issues under litigation in the PURA docket.
In its original rate filing, Eversource proposed that an average residential customer using 700 kWh would see an increase of approximately $13.7 (9.8%) monthly. PURA’s ruling allows a 1.6% increase in the first rate year based on the Settlement Agreement revenue requirement and a monthly residential charge reduced to $10.80 from the current $19.25. The result of these changes is that an average residential customer with 700 kWh usage will see a monthly increase of approximately $5.40 or 3.8% in the first rate year. Rates will change slightly in rate year two and three to reflect phase-in increases of .78% and .73%, respectively.
Individual rate class impacts will be higher or lower based on a final cost of service study and rate design filing soon to be submitted to PURA. The overall revenue increase – phased in over three years – is $124.7M.
PURA Chair Katie Dykes, who was the lead PURA commissioner on the case, commended the efforts of settling parties in resolving the many issues presented in this case. She also stated “The decision today sets revenue levels that are just and reasonable, and will allow Eversource to attract capital needed for infrastructure investment necessary to provide safe, adequate and reliable electric distribution service at reasonable rates for its 1.2 million Connecticut customers. Eversource has committed to significant capital improvements to upgrade its distribution system and continue to modernize its systems, processes and workforce.”
The rate increase comes on the heels of a News 8 investigation and calls by US Senators Chris Murphy and Richard Blumenthal for an explanation into the number of Eversource disconnects nearly doubling between 2015 and 2017.
Also, State Senator Len Suzio (R-Meriden) called for PURA to investigate customers being inaccurately billed.