Eversource

Eversource Asking Lawmakers For $700 Million in Borrowing Following Tropical Storm Isaias

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Eversource is asking Connecticut lawmakers for $700 million in borrowing following Tropical Storm Isaias, COVID-19, and the rollback of a recent rate increase.

"We are committed to working with legislators and regulators to develop creative solutions to reduce rate impacts on our customers. One possible solution is to take the costs associated with recent, and future, rate increases and spread them over 20 years. This approach would provide immediate rate relief to customers during this unprecedented time of COVID-19," Mitch Gross, of Eversource, said in a statement.

"Any such proposals would ultimately need to be filed with PURA for public review and approval," Gross continued.

About 600,000 Eversource customers were left without power following Tropical Storm Isaias in Connecticut.

Governor Ned Lamont declared a state of emergency for Connecticut that helped with storm recovery.

A class-action lawsuit seeking $1.5 billion was filed against Eversource in response to the company’s response to Tropical Storm Isaias.

Many Eversource customers saw rate increases in July. As a result, Connecticut's Public Utilities Regulatory Authority instructed Eversource to suspend price increases and restore prior rates.

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