by Charles A. Monagan
Aug 31, 2011
08:19 AMOn Connecticut
Is CL&P Gouging?
Please take note of this story reporting how CL&P plans to recoup its $75 million or so in hurricane losses with rate hikes. Meanwhile, a quick look at the website of CL&P's parent company, Northeast Utilities, shows it has enjoyed some $191.4 million in profits in the first six months of its current fiscal year.
My maybe naive question is why wouldn't the company's losses be made up by its profits? Why does the burden immediately shift to ratepayers? And wouldn't this behavior on the part of CL&P somehow fit into the realm of disaster-related "gouging," as defined by Attorney General Jepsen?Is CL&P Gouging?