Urging reform of the electricity system, Attorney General Richard Blumenthal asked state utility regulators Thursday to require the two biggest power companies in Connecticut to absorb the cost of delaying upcoming rate increases.[...]
"The rate increases should be deferred at least until the system is reformed with a windfall profits refunds and a Connecticut Electric Authority that will return money to consumers and effectively eliminate these unfair rate increases," Blumenthal said.
Gov. M. Jodi Rell made a similar request to the DPUC earlier on Tuesday. She asked regulators to defer any rate increases until the General Assembly has had a chance to work on reform when the legislative session opens Jan. 3. (AP)
Wow, deregulation is working great. Now both the electric companies and the consumers are over a barrel.
A "Connecticut Electric Authority" sounds like another terrible idea, however. What, exactly, would it do that DPUC can't?
Is there a way out of this? Do we need to build more power plants? Is this a symptom of the northeast's antiquated power grid? Rising oil costs? All of the above?
"AG wants utilities to bear the cost of deferred rate increases." Associated Press 7 December, 2006.