CT Water Co. plans to apply for 18% rate hike
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The Moody Reservoir in Prospect is owned by Connecticut Water Co.
Connecticut Water Co. intends to seek an 18% rate increase effective July 1, 2024, according to a letter it filed with the Public Utilities Regulatory Authority on Thursday.
Connecticut Water is required to notify PURA at least 30 days before submitting an application for a rate case, and must file the application within 60 days.
The letter, written by Connecticut Water President Craig Patla, says the company will request an increase in annual revenues above current levels by roughly $21 million, or 18%.
Based on the proposal, the new rates would increase the cost of a gallon of water from 1.5 cents to 1.8 cents.
The company also plans to expand its water rate assistance program and water conservation rate.
Connecticut Water, based in Clinton, serves 60 towns and cities in the state and has more than 107,000 customers. It has more than 200 employees.
The company says it has completed more than $220 million in infrastructure improvements to protect water quality, address emerging needs and meet new drinking water regulations.
Also, the company says it has faced inflationary pressures, including rising prices for energy and chemicals.
“Continued prudent and efficient investment in our communities’ water systems is our collective responsibility and obligation,” the letter says. “We are committed to that prudency and efficiency in order to manage costs, and to represent the true value of the drinking water service we provide.”
PURA recently cut electric utility United Illuminating’s requested rate increase, approving just 18% of the $131 million increase it sought over three years.
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