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Applicants say $2.6 billion Connecticut purchase financed with long debt; forecasting multi‑year rate increases
Summary
Petitioners told PURA at an Aug. 19 evidentiary hearing they expect roughly $2.6 billion in sources/uses to fund the Connecticut acquisition and related capital, that acquisition debt has a final maturity in year 40 but shorter average lives, and that their planning spreadsheets project multi‑percent annual rate increases starting in 2027.
Petitioners told the hearing panel they modeled the Connecticut portion of the sale with approximately $2.6 billion in sources and uses (acquisition price plus acquisition‑related financing and initial capital needs), and that the acquisition financing schedule includes a final principal maturity in the fortieth year while the average life of senior acquisition debt in the model is roughly 16.8 years.
RWA and Aquarion witnesses walked the panel through an OCC attachment (OCC 42, attachment 1) in which petitioners’ financial advisor modeled first‑year increases after acquisition: the spreadsheet the company submitted shows an initial projected increase of about 8.35% in 2027 followed by a 6.85% increase in 2028 (each increase cumulative), and a series of…
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