Clinton regional water utility Connecticut Water Service Inc. said it has reached a settlement agreement with state regulators to reduce its rates for a two-year period starting April 1, 2014.
Connecticut Water, the public water utility that serves 300,000 people in the state, said the rate reduction is a result of recent federal accounting changes that allow the company to deduct capital investments in its utility plant.
The company will save $10 million from the changes, which will be shared with its customers.
The average residential customer will save about 6 percent from 2014 to 2016, according to Attorney General Jepsen, whose office helped negotiate the rate reduction.
Connecticut Water has also agreed to not file for rate increase until October 2015.
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