Thousands of Connecticut electric ratepayers will receive $5 million in credits on their electric bills starting January over the alleged misdeeds of a power provider.
Baltimore power firm Constellation Energy Commodities Group, Inc. agreed to a $245 million settlement in March with federal regulators over its alleged manipulation of the electric grid markets in New England, New York, and the Mid-Atlantic. The settlement included a $20 million payout to New England ratepayers, and regulators in those states decided on Thursday the breakdown for each state.
The settlement stems from allegations that from 2007-2008 Constellation deliberately made non-profitable trades in the New York ISO market designed to influence prices in the New York, New England, and Mid-Atlantic ISOs ultimately benefiting the company. While agreeing to the settlement, Constellation denied any wrongdoing.
Connecticut received $5 million of the settlement based on its monthly energy usage from 2007-2008. The on-bill credits will benefit ratepayers of state electric utilities Connecticut Light & Power, United Illuminating, and members of the Connecticut Municipal Electric Energy Cooperative.
