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Eversource files for 3-year, $337M rate increase in Connecticut

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Eversource files for 3-year, $337M rate increase in Connecticut

Eversource Energy subsidiary Connecticut Light and Power Co. asked state regulators for permission to hike electric distribution rates by nearly $337 million between May 2018 and May 2021.

CL&P on Nov. 22 filed with the Connecticut Public Utilities Regulatory Authority, or PURA, the proposed three-step rate increase based on a 10.5% return on equity (53.45% capital) and a rate of return of 7.70%.

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In addition to recovering the costs of delivering power to customers and system resiliency costs previously approved by PURA, Eversource's Connecticut subsidiary said the rate increases are necessary to help recover investments in the distribution system and increased costs stemming from those investments, such as increased taxes and depreciation expenses.

Effective May 26, 2018, the first year's $255.8 million increase would on average hike rates for all 1.2 million CL&P customers and rate classes by 6.6%. The second year would see approximately an incremental $44.7 million, or 1.1% average increase for all customers, while the third year would impose approximately an additional $36.4 million, or 1% average increase on all customers.

CL&P's previous rate case in 2014 had an authorized $152.7 million rate increase premised upon a 9.17% return on equity (50.38% capital) with a rate of return of 7.31%. (PURA docket No. 17-10-46)