Needleman Responds To Eversource Execs’ Comments About Cutting $500M In Grid Investments
HARTFORD, CT – Following comments from top Eversource executives this week suggesting that the utility will suspend plans to invest $500 million over five years in the state’s power grid, a key lawmaker has reiterated the state’s support for ratepayers. But he also says he is hoping the conflict can be de-escalated.
Sen. Norm Needleman, a Democrat from Essex who co-chairs the Connecticut General Assembly’s Energy and Technology Committee, responded Friday to Eversource’s announcement by saying the state will start looking at their options.
“I think the next step is to look very closely at the franchise agreements,” Needleman said in response to a question about the state’s next move.
According to news reports, the utility company announced on an earnings call that, in response to what it views as detrimental costs and a lack of benefit on its plans to upgrade the state’s grid, that it would cut plans to spend $100 million per year for five years on capital projects.
Needleman said that the impasse doesn’t have to come to that point. However, he said de-escalation will require Eversource to make the significant investments in the grid that they’re now showing a reluctance to complete.
“They’re basically saying we’re going to take our ball and go home, don’t ask us to do anything,” Needleman said. “It’s kind of not within the purview of what’s appropriate, but I’d like to see this not escalate anymore.”
Eversource was not immediately available to comment on this story.
Last month, the Public Utility and Regulatory Authority (PURA) decided on a 2-1 vote – with authority Chair Marissa Gillett dissenting – in favor of rate increases for 10 months, in order to offset some of the costs about which Eversource and United Illuminating (UI) have been complaining.
Needleman said that Gillett is doing a good job with the situation she’s been dealt.
“She’s doing what I want – what I hope every legislator wants – which is to hold [Eversource and UI] accountable,” he said of Gillett.
This isn’t the first time Needleman has shared this sentiment, but he reiterated that the decisions of the Public Utilities Regulatory Authority are often backed up during the appeal process.
In addition, Needleman said that upgrades could be seen as in the best interest of the state’s utility providers, as well as a statutory requirement.
“Having a strong regulator that’s looking out for the ratepayers is in everyone’s best interest, and ultimately, what I said to [Eversource] is: ‘It’s even in your best interest,’ because the public does not have a lot confidence that you’re not working for your own best interest instead of ours,” he said.
Needleman said that he doesn’t want everything to end up in a lawsuit, but if decisions are appealed and contested, then that’s where it could end up.