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PURA oral arguments highlight deep split over Aquarion sale, with critics warning of decades of rate increases
Summary
At oral argument on Docket 254403, consumer advocates, towns and the attorney general urged the Public Utilities Regulatory Authority to reject the Aquarion change-of-control application, warning a $2.35 billion purchase and roughly $494 million acquisition premium would saddle customers with long-term debt and uncertain savings; applicants say the authority model yields lower long-term costs.
The Public Utilities Regulatory Authority heard hours of oral argument in Docket 254403 as parties debated whether Aquarion Water Company27s proposed sale and conversion to the Aquarian Water Authority (AWA) and the South Central Connecticut Regional Water Authority (RWA), under Eversource Energy27s bid framework, is in the public interest.
Consumer advocates, municipal intervenors and the state urged PURA to reject the transaction, saying the financial terms will force Aquarion customers to pay acquisition and debt costs for decades. Claire Coleman of the Office of Consumer Counsel told commissioners the Superior Court27s remand does not prevent PURA from performing a full public-interest review and warned the record shows customers ‘‘will be forced to pay the principal and interest on the purchase price’’ over a multi-decade period.
The Attorney General, William Tong, urged the authority to stand by its November denial and not to approve a deal the state believes is ‘‘not in the public interest.’' Tong pointed to applicant modeling and PURA27s draft findings showing a total lifetime financing burden of roughly $5.895 billion (including interest), and cited projected near-term…
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