More Pressure on Region's Utility Costs

Following
yesterday’s announcement that S&P has downgraded Eversource’s
credit rating due to the continuing pattern of adverse regulatory
developments for investor-owned utilities operating in Connecticut,
Eversource issued the statement below from Vice President of
Distribution Rates and Regulatory Requirements, Douglas Horton:

“On
Nov. 18, 2024, the Connecticut Public Utilities Regulatory Authority
issued final rate-case orders for Connecticut Natural Gas Corp. and
Southern Connecticut Gas Co., which included material rate decreases
for both utilities. These rate orders follow a recent pattern of
adverse regulatory developments for investor-owned utilities
operating in Connecticut, which S&P views as increasing business
risk for Eversource Energy and its operating subsidiaries. In
light of these circumstances, S&P has lowered the issuer credit
ratings to Eversource’s Connecticut operating subsidiaries
Connecticut Light and Power Company and Yankee Gas Company, and also
lowered the issuer credit ratings to ‘A-’ from ‘A’ for
Eversource’s Massachusetts operating subsidiaries, NSTAR Electric
Company, NSTAR Gas Company and Eversource Gas Company of
Massachusetts, and for Public Service Company of New
Hampshire. Eversource’s Massachusetts and New Hampshire
electric operating subsidiaries continue to have top-tier credit
ratings that will work to the benefit of customers as we
continue our constructive engagement with valued stakeholders across
our three-state service territory and strive to achieve
cost-effective solutions to ensure safe, reliable service for our
customers while supporting local goals at the state level.”