Today, State Senator Norm Needleman (D-Essex), Senate Chair of the Energy and Technology Committee, issued the following statement in response to this week’s Eversource announcement that it is pursuing a 19% rate hike from the Public Utilities Regulatory Authority in coming months:

“When you go to the casino and lose your money at the blackjack table, you can’t make everyone else pay back your losses. Eversource makes record profits year after year and yet the ratepayers always have to pay more. Eversource’s current cash flow problems are related to their wind power investment gamble. That bet didn’t work out, and now that they’re out of cash, management and executives are coming to the ratepayers to prop up their shareholders.

Plus, instead of diluting their shareholders by selling more stock, they’ve decided to sell Aquarion, which just years ago was considered a strategic acquisition and now it’s considered a non-core to their future business strategy – they’re selling it to just put money in their checking account because they’re out of cash.

Eversource and United Illuminating benefitted from 20 years of a weakly regulated utility environment and now that they’re being held accountable they are screaming to anyone who will listen, all the while showing record profits year after year. Today is proof positive of why we need strong regulators at PURA, and why they need even more tools to fight for ratepayers against corporate greed and mismanagement.

Now that regulators are working in ratepayers’ best interests, led by Chair Gillett, utilities are seeking to pull even more money out of ratepayer pockets. According to earnings reports issued just days ago, Eversource’s saw a 6% increase in earnings per share from 2022 to 2023, while announcing a nearly $2 billion loss on their wind energy gamble. They’re doing fine – at the very least, much better than many Connecticut households. And yet they claim they’re broke and those households need to pick up the slack.

Connecticut deserves better.”

Today, State Senator Norm Needleman (D-Essex) voted with his colleagues in the Senate to approve $17 million to supplement dwindling federal funding for heating assistance for Connecticut residents through the Low Income Home Energy Assistance Program (LIHEAP) and Operation Fuel. There are over 70,000 households currently enrolled in these programs, and as of the end of January 2024, over 15,400 fuel delivery households have exhausted their LIHEAP benefits. The vote passed unanimously with a 35-0 tally.

“With more than a month to go until spring, snow in the forecast and low temperatures in the teens and 20s for coming weeks, there are thousands of households struggling to stay warm here in Connecticut. Today, we provided them with important support,” said Sen. Needleman. “This funding will help families stay warm amid challenging circumstances and provide them with welcome aid. Demand for heating support is growing and it’s our duty to the people of Connecticut to help them stay warm.”

The $17 million will be allocated from federal American Rescue Plan Act (ARPA) funds. $13.5 million will go to the Connecticut Energy Assistance Program (CEAP), which is administered by the Connecticut Department of Social Services (DSS) and distributes federal Low Income Home Energy Assistance Program (LIHEAP) funds. An additional $3.5 million will go to the non-profit Operation Fuel for home fuel delivery.

The Low Income Home Energy Assistance Program (LIHEAP) helps keep families warm through initiatives that assist families with energy costs. LIHEAP provides federally funded assistance to reduce the costs associated with home energy bills, energy crises, weatherization, and minor energy-related home repairs. Operation Fuel is a Hartford-based nonprofit that provides year-round emergency energy assistance to low- to moderate-income households across Connecticut in collaboration with a statewide network of local fuel banks.

While LIHEAP is traditionally fully funded by the federal government, funds were increased significantly during fiscal years 2021 and 2022 in response to the pandemic. Republicans in Congress have since rolled back funding despite increased demand.