Today, State Senator Norm Needleman (D-Essex), Senate Chair of the Energy & Technology Committee, released the following statement after Eversource announced its intention to effectively double its standard service rate from January to June, a move that would dramatically increase the monthly bills of countless Connecticut residents:
“Today’s record increases in the generation of electric rates proposed by Eversource and United Illuminating show just how flawed our energy markets are, and how those flaws are harming Connecticut households. In the 23 years since our state deregulated its energy markets, we are at a point where control of our energy costs is out of our hands and we are now responding to decisions made by Wall Street energy traders and global energy providers. The energy market is complicated, made worse by global turmoil, but these increases could not have come at a worse time given the financial challenges so many are facing right now. Electric and natural gas utilities, as well as natural gas suppliers and natural gas pipeline owners, need to be aware of the devastating impact these increases will have on the budgets of Connecticut residents. Given the already high costs of oil, gasoline, electricity and natural gas, we are asking all of these companies to provide aid to the residents they serve. They should consider absorbing some of these costs given their recently reported record profits. Members of the Energy & Technology Committee will continue to work to find additional solutions for those in need with programs that can directly aid them. As Senate Chair of the Energy & Technology Committee, I plan on convening a public forum with not only utilities but all players in the energy market, not only to explain to the public how our systems work but to work with stakeholders on finding solutions for current problems and improving that marketplace so problems like these won’t arise in the future.”