Connecticut Water Co. to raise rates twice in next 15 months
CLINTON, Conn. --Rates will increase twice in the next 15 months for customers of Connecticut Water Co., the largest publicly traded water utility in New England, the company said Wednesday.
The state Department of Public Utility Control on Tuesday approved a settlement that includes a two-step phase-in of higher rates.
The first increase will produce $7.1 million in additional annual revenue, currently about $49.1 million. A typical residential customer will pay about $16 more on a quarterly water bill.
A second increase takes effect April 1, 2008, and will increase annual revenues by approximately $3.8 million.
The company, a wholly owned subsidiary of
Connecticut Water, which last raised rates 15 years ago, agreed to not seek another general rate increase before Jan. 1, 2010.
Connecticut Water provides water and service to 82,000 customers, or approximately 280,000 people in 41 Connecticut towns.
Messages were left seeking comment from state regulators and the company late Wednesday afternoon.
Connecticut Water Service Inc. shares fell 20 cents to close at $22.76 on the NASDAQ Wednesday.
