State utility companies in Connecticut are warning customers that their electricity bills may increase. This comes after credit ratings were downgraded for companies like Eversource and natural gas companies, leading to concerns about higher borrowing costs being passed down to customers. The companies blame the “unstable regulatory environment of Connecticut” for the credit downgrade.
Experts point out that lower credit ratings result in higher interest costs for companies borrowing money for projects, potentially leading to higher energy bills for consumers. Republican House Leader Rep. Vincent Candelora is calling for regulatory reform to prevent companies like Eversource from scaling back projects due to increased costs.
On the other hand, Democratic State Senator Norm Needleman argues that regulatory agencies are already protecting ratepayers from being overcharged and suggests that companies are more focused on retaining their profits and benefits. It remains unclear how much customers’ bills could increase and any potential rate hikes would need approval from state regulators.
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