Finance Committee Blocks Planned Drop in Electricity Rates
Despite significant concerns about the high costs of energy in Connecticut, the Finance Committee this week approved a proposal to keep many businesses and residents paying higher energy costs for at least 10 more years.
Under SB-484, a charge on most electric customers’ monthly bills that was due to expire over the next couple of years won’t. Instead, the state will borrow against the expected revenue from the charge to help close its budget deficit.
However, the Finance Committee correctly chose not to act on a measure that would have made Connecticut the first state to impose a windfall profits tax on electricity-generating companies. HB-5467 would have increased electricity costs and reduced investment in electric generation in the state.
Meanwhile, another costly measure, to make state government bigger and more expensive by putting it into the energy business, is awaiting action by the House. HB-5505 creates a new division within the Department of Public Utility Control to procure and generate electric power.
It would cost the state millions of dollars to implement, and millions more to establish enough collateral to procure and generate power.
CBIA will continue to oppose measures that increase energy costs.
For more information, contact CBIA’s Kevin Hennessy at 860.244.1979 or Kevin.firstname.lastname@example.org.
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