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Blasting what he labels Aquarion Water Co.'s "alternative financial universe" plan to hike rates, Attorney General Richard Blumenthal asked the state's utility regulation authority to deny the proposal. Blumenthal said the rate increase would harm consumers while enhancing the water company's coffers. "In this declining economy, the DPUC should lower and not increase Aquarion's rates," said Blumenthal in a statement issued Monday.
Within a three-year period, Aquarion would raise rates by $31 million annually, according to the release. This is in addition to a $22 million increase implemented over the past three years. Blumenthal said the increase is "excessive." He said it would be used to provide higher salaries and bonuses to Aquarion employees, and to enhance its rate of return on equity. In addition, Blumenthal maintains the company has overstated its expenses.
"Aquarion is living in an alternate financial universeincreasing salaries, benefits, bonuses and income when its consumers face unemployment or salary cuts," Blumenthal said. "The DPUC should entirely reject this $31 million rate increase, which is loaded with excessive and unnecessary costs at the worst possible economic time."
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