On Wednesday, the Public Utility Control Authority (PURA) denied Eversource's request to sell Aquarion Water Company (AWC) to a newly created Aquarion Water Authority (AWA) for $2.4 billion. AWA would be a quasi-public corporation, and it would have operated alongside the South-Central Connecticut Regional Water Authority (RWA) as a sister entity. As a quasi-public agency, Aquarion would no longer fall under the oversight of PURA.
PURA's decision denying the sale of Aquarion Water Company is a huge win for Stratford ratepayers. I testified before PURA over the summer about the negative impact this proposed transaction would've meant to Aquarion customers.
A bipartisan coalition of local leaders, legislators, and state officials urged PURA to reject the deal, citing among the issues the loss of property tax revenue and the potential for higher water bills in Aquarion’s service area. Attorney General William Tong called the potential sale a "gut punch to ratepayers."
The $800 million in debt needed to make the purchase would have been passed on to the ratepayers. The proposal called for annual rate increases of between 6.5% and 8.35% through 2035.
Aquarion is based in Bridgeport and serves nearly 236,000 water and wastewater customer accounts in 72 cities and towns across Connecticut, Massachusetts, and New Hampshire, with most of its customers living in Connecticut.
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