Connecticut Utility Rates in Jeopardy to Repay 203M Following October Storm

Many Connecticut homeowners found themselves in disarray back in October when an unanticipated Nor'easter crashed through the state and much of the northeast. While Connecticut may have in fact endured far worse storms in regard to snowfall and other measures, the October 2011 Nor'easter has proven itself one for the record books. The storm is projected to cost $203M and left 830,000 Connecticut residents without power, some for more than ten days.

Do Residents Have to Pay?

Regardless of the amount of money to be repaid, Connecticut residents will be expected to help fund the millions, $162.8M alone goes to CL&P restoration. So how much could ratepayers pay? The Northeast Utilities spokesperson announced a predicted $144M from Connecticut ratepayers.

Thankfully, the CL&P rates have already been proposed and set throughout much of 2012. Though some paperwork can and may be submitted by the utilities for a rate change. Any rate change documents must first be reviewed and approved, to be followed by a public hearing.

The Effects

This wasn't the sole disaster Northeasterners would endure this year, the coast also endured the brute strength of Tropical Storm Irene, which caused power outages, flooding, and destruction-all of which would amount to $92M.

Such expenses would appear vast until the October Nor'easter; now Irene pales in comparison. In addition, the power outages were less numerous and short-lived.

Connecticut has not been the only state in disarray following the October storm. Massachusetts and New Hampshire have reported millions in expenses. Though these states also report high numbers in repairs, the ratepayers in the two states have far less potential repayment to have to worry about- an estimated $34M between the two states.

Deregulation

With the potential of a rate change in Connecticut and the high demand for electricity, Connecticut residents are encouraged to consider the most affordable route for their electricity. The state, one of the several deregulated in the nation, opens the door for residents to reduce their monthly payments now and in the future.

As the utility may increase their price, there is always benefit in finding the least expensive supplier in the area. Some independent suppliers offer fixed rate plans for the next year, some stability for the seemingly unstable Connecticut electric market.

Options for Residents

Whether or not the utilities instate a rate change, there is money to be paid. Since these costs have occurred to return power to the residents, it only makes sense to pay for some of the expenses. However, payment should come at much debate not merely through the utility.

Remain up to date on CT electric rates in your area, check in with the local utility regarding the matter of possible rate change, and seek a less expensive supplier to provide some sort of peace of mind.