|
||||||||||||||||||||||
|
The DPUC’s decision will decrease rates for CNG home heating consumers by an average of $9.25 per month. Blumenthal called for the rate reduction after CNG’s profits exceeded the level approved by state regulators. "This victory gives us precisely what my office and consumers demanded -- immediate rate cuts for consumers to compensate for CNG's unlawful and unjust overearnings," Blumenthal said. "CNG received unacceptable overearnings at consumers' expense during the toughest possible economic climate. "Today's decision vindicates our fight against CNG's 2007 rate increase -- proof that their $14 million increase was unwise and unwarranted." 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 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. © 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 AT&T must restore jobs to address dangerous customer service failures - Sep 8, 2008 - 1:18 PM Attorney General says he will fight CNG effort to recover $1.4 million from consumers improperly billed - Sep 5, 2008 - 7:58 PM Attorney General praises DPUC decision requiring AT&T to seek permission from adjacent property owners for V-RAD boxes - Sep 5, 2008 - 7:44 PM DPUC preliminary decision finds CNG Corporation has deficiencies in meter reading operations and customer service - Sep 5, 2008 - 7:22 PM Attorney General says reports of erratic CL&P meters persist - Aug 25, 2008 - 12:36 PM CURRENT HEADLINES: Top of Page
|
| ||||||||||||||||||||||||||||||||||||||||
