Blumenthal
HARTFORD, Conn. (Legal Newsline) - Connecticut Attorney General Richard Blumenthal celebrated a final decision Wednesday that will force a gas company to give back alleged overearnings.
The state's Department of Public Utility Control put an official stamp on its order that requires Connecticut Natural Gas to give line item credits to customers. Blumenthal said those customers will save an average of more than $9 per month on their heating bills.
"This victory gives us precisely what my office and consumers demanded -- immediate rate cuts for consumers to compensate for CNG's unlawful and unjust overearnings," Blumenthal said.
"Today's decision vindicates our fight against CNG's 2007 rate increase -- proof that their $14 million increase was unwise and unwarranted."
In the year ending April 30, Blumenthal said CNG made $15.5 million more than it was allowed. The company was authorized to receive a 10.1 percent profit margin, but posted earnings of 14.27 percent.
The average non-heating residential customer using 40 ccfs per month will save around $2.47 per month, while heating residential customers using 150 ccfs per month will receive a credit of approximately $9.25 per month.
Also, CNG must submit a full rate case by the end of the year. The case will take 5-6 months to conclude, while the credit will remain in place until new rates are set.
Blumenthal is still fighting a rate increase request by Southern Connecticut Gas.
From Legal Newsline: Reach John O'Brien by e-mail at john@legalnewsline.com.