Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Eversource asks PURA to securitize $1.42 billion in storm costs, seeks retroactive carrying charges
Summary
Eversource (Connecticut Light & Power) told the Public Utilities Regulatory Authority it wants to securitize about $1.42 billion in 2018–2023 catastrophic storm costs and asked PURA to recognize carrying charges (financing costs) back to the date costs were incurred; commissioners pressed for alternate calculations (debt-only, prime-rate) and late-filed worksheets.
Eversource Energy asked the Public Utilities Regulatory Authority (PURA) during evidentiary hearings to authorize securitization of roughly $1.42 billion in prudently incurred storm costs from 2018 through 2023, and to recognize carrying charges on those deferred balances.
The company said securitization — issuing long-term bonds through a special-purpose vehicle — would lower financing costs for customers and immediately restore the company's liquidity, while the company seeks recognition of carrying charges it says it incurred while financing those storm expenses.
Why it matters: securitization changes who bears financing costs and when: if PURA authorizes securitization the company argued it would pass debt costs to the special-purpose entity and lose any corporate-level recognition of carrying charges unless the commission explicitly allows them now. The company told PURA it proposed securitizing the full 2018–2023 balance (including its calculated carrying-cost component) because the financing tool minimizes customer bill impacts compared with…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
