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In a formal brief filed with the Department of Public Utility Control (DPUC), Blumenthal said that reducing CNG’s profits to its approved levels means an average rate reduction of about $9.25 per customer per heating month, or about $60 per customer per year. In approving CNG’s last rate increase, which Blumenthal strongly opposed, the DPUC authorized the company to receive a 10.1 percent profit margin. CNG’s earned 14.27 percent for the 12 months ended April 30. These significant overearnings prompted the DPUC’s review of CNG’s rates under the state’s “overearnings statute,” which requires the DPUC hold a hearing on an interim rate decrease when a public service company for six consecutive months earns profits exceeding the rate approved by the DPUC. “An immediate rate cut must stop these unacceptable overearnings -- particularly as consumers desperately struggle to pay spiraling utility costs,” Blumenthal said. “After unjust and unreasonable charges for nearly half a year, consumers deserve prompt relief, as much as $9 per heating month for the average consumer. Every dollar counts for Connecticut citizens facing out-of-control energy, home and food costs. “CNG’s sustained overearnings are an unfortunate and unwelcome vindication of our fight against its 2007 rate increase, proving that their $14 million increase was unwarranted. CNG can no longer hide its rate reality, as it collects millions of dollars in unauthorized profits at the expense of its consumers.” © Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: Attorney General says he will fight CNG effort to recover $1.4 million from consumers improperly billed - Sep 5, 2008 - 7:58 PM DPUC preliminary decision finds CNG Corporation has deficiencies in meter reading operations and customer service - Sep 5, 2008 - 7:22 PM Attorney General praises DPUC decision rolling back CNG rates by $15.5 million - Aug 6, 2008 - 5:54 PM Attorney General seeks CNG rate decrease, investigation major overearnings - Jun 17, 2008 - 1:19 PM CURRENT HEADLINES: Top of Page
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