May 18, 2021
It was inevitable, given the lessons of the last year, the innovations of online learning and medicine, that state Democrats would add access to the internet to a small number of regulated public utilities – along with water and electricity – basically guaranteeing every person in Connecticut the right to a speedy connection.
Already many Republicans, and some Democrats, would toss in the regulation of private companies – Twitter and Facebook that provide social media.
But given near universal dissatisfaction with the cost and service of Eversource and United Illuminating, it’s probably worth seriously considering what good will come to consumers by adding Xfinity and Frontier to the mix of companies that already come under the oversight of the state’s Public Utilities Regulatory Authority.
By Liese Klein
From expanding Hartford’s Parkville Market to establishing an advanced manufacturing hub in the city, plans are under way to spend nearly $800 million in Connecticut economic development funds expected from President Biden’s American Rescue Plan Act pandemic relief package.
“As Connecticut recovers, it’s clear that an investment needs to be made to ensure that our businesses can survive, that they can grow and that all members of society can access development opportunities throughout our state,” said state budget chief Melissa McCaw, who recently outlined Gov. Ned Lamont’s proposal for deploying the stimulus funds.
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“Where’s Jim Judge, the invisible Eversource boss?” one local columnist’s headline read.
That may have added to the public’s frustration with the company, which months later continues to take criticism for how it responded to the storm, though Eversource officials say some of the Monday-morning quarterbacking is unwarranted, especially since the major weather event was worse than initially forecast and took place amid a pandemic.
Regardless, don’t expect to see similar headlines with Joe Nolan now in charge. That’s because Nolan, who started as Eversource’s new CEO on May 5, said he will be a much more public figure, and one of his top priorities is to restore customers’ confidence in the company.
Eversource Energy factored a possible $30 million charge from the Public Utilities Regulatory Authority into its quarterly earnings this week, noting that the proposed fine intended as a penalty for the utility s performance during Tropical Storm Isaias last year could be passed on to shareholders in the form of reduced earnings.
In announcing first-quarter net income of $366.1 million on Monday, the energy conglomerate disclosed that the Public Utilities Regulatory Authority’s proposed sanction which includes $28.4 million in ratepayer credits and a $1.6 million fine to the state could cost 7 cents per share after taxes.
During a conference call with analysts, newly-appointed Eversource CEO Joe Nolan said he was personally distressed by PURA’s report on the company’s preparation for and performance during and after Isaias, which found that Eversource did not meet certain accepted performance standards and, through oversights, opened up risks to public safety.