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Last year, Blumenthal strongly opposed a CNG rate increase of the same amount. According to six months of filings with the Department of Public Utility Control (DPUC), CNG is earning significantly higher profit than the DPUC authorized in that rate case. CNG’s most recent earnings are 14.27 percent for the 12 months ended April 30. The company’s authorized profit is 10.1 percent. CNG earned roughly $14 million more than allowed by the DPUC. The law requires a rate review and possible rate decrease when a public utility company has for six consecutive months earned a rate of return that exceeds their authorized return by at least one percentage point, as CNG has done. “I demand immediate reduction in CNG rates to relieve consumers of unconscionable and unauthorized profits -- and investigation of this overearnings debacle,” Blumenthal said. “In tough economic times, CNG’s excess profits are unacceptable. “These overearnings unfortunately vindicate our fight against CNG’s 2007 rate increase -- proving that their $14 million increase was based on nothing more than smoke and mirrors.” © 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 praises DPUC decision rolling back CNG rates by $15.5 million - Aug 6, 2008 - 5:54 PM Attorney General demands immediate CNG rate decrease - Jul 16, 2008 - 10:39 AM CURRENT HEADLINES: Top of Page
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