Customers will receive rate credits of 5.6 percent on their billing statements for the next three years, according to the company. The credit funds come from a refund provided to the company as a result of tax regulations recently issued by the Internal Revenue Service.
The water company has customers in Bridgeport, part of Danbury, Darien, Easton, Fairfield, Greenwich, New Canaan, Norwalk's 1st and 2nd Taxing Districts, Redding, part of Ridgefield, Stamford, Weston, Westport and Wilton.
“Aquarion is committed to providing our customers with safe, high quality water and excellent customer service,” said Charles V. Firlotte, Aquarion's CEO. “As a result of this federal tax rebate and the new regulations, we have been able to pass on savings to our customers and delay our next scheduled rate application to PURA, which means greater stability for our customers’ water rates.”
These regulations effectively allow Aquarion to adopt an alternative to how capital expenditures are treated for income tax purposes. The Connecticut Public Utilities Regulatory Authority (PURA) reviewed and approved Aquarion’s proposal before it was finalized.
“While we are lowering water bills for our customers, we will continue to make prudent investments to improve and maintain the integrity of our system’s infrastructure,” said Firlotte. “Customers should also continue to employ water conservation measures. While their water bills are lower, the overall water supply is still finite and it is more important than ever to conserve it.”
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