Blumenthal Blasts Eversource Rate Hike as 2nd Quarter Report Shows Eversource Increased Earnings

(HARTFORD, CT) – U.S. Senator Richard Blumenthal (D-Conn.) released the following statement after the release of Eversource’s second quarter earnings for 2020, which showed that the company earned significantly more than in the previous year. Eversource came under fire earlier this month after Connecticut consumers noticed significant rate increases on their latest bill, CT Public Utilities Regulatory Authority (PURA) today made the decision to suspend the rate hike.

“These astronomic rate hikes seem all the more abhorrent and appalling after seeing Eversource’s gargantuan earnings increase. Even as it imposes astronomic charges, Eversource is rolling in money with second quarter earnings seven times last year’s. At a time when families face unprecedented hardship – struggling to put food on the table, pay rent and mortgages, clothe their children, and meet other basic necessities, these rate increases must be completely and permanently rescinded and money rebated to consumers. Commendably, PURA has provided a short-term fix by suspending the rate increase, at least temporarily. I will continue fighting for permanent relief from federal regulators to cut the transmission charges and pay back consumers. In light of these earnings reports, corporate profiteering must stop.”

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