Connecticut customers of Aquarion Water Co. will share in an approximately $29 million IRS tax refund, authorities say.
Aquarion, which serves water users in 47 communities statewide, agreed to a settlement with Connecticut in which customers will see the refund proceeds as a 5.6 percent reduction credited to their bills over a three-year period, starting next January.
Consumer Counsel Elin Swanson Katz and Attorney General George Jepsen announced the settlement Tuesday.
Under the settlement, Aquarion also agreed to not apply for a rate hike that might take effect before October 2017.
The company also agreed, authorities said, to delay by six months its planned water infrastructure and conservation adjustment (WICA) filing from this April 1 to this Oct. 1.
The agreement between Aquarion and the state has been filed with the state Public Utilities Regulatory Authority and must get regulatory approval before it can take effect.
