The Connecticut Office of the Consumer Counsel opposes Yankee Gas’ request for a 10 percent rate increase over two years.
Consumer Counsel Mary Healy says she has filed an objection to the Yankee Gas proposals that raises rates 7.3 percent on July 1 and 2.8 percent in 2012. The increases raise revenue for Yankee Gas by an estimated $46 million over the two years.
When Yankee Gas filed for the proposed rate increase in 2010, then Attorney General Richard Blumenthal also stated his opposition, saying the increase was poor timing during the recession.
In its initial filing, Yankee Gas said the increase was necessary to maintain its distribution system, as well as keep the company in the black. Last year, Hartford’s Northeast Utilities — Yankee Gas’ parent company — earned $387.9 million, an 18-percent increase over 2009, yielding a $2.19 earnings per share.
