Connecticut Water continued to see revenue growth in the third quarter thanks to its purchase of Biddeford and Saco Water Company (BSWC) as well as a state-authorized financial mechanism that lets it make up revenue lost by conservation programs, the Clinton utility reported.
The company reported net income of $9.4 million, up 57 percent from $6 million in the third quarter last year. Revenue was $29.6 million, up from $26.5 million.
The revenue adjustment mechanism was one of several factors in the company’s deal with state regulators earlier this year to reduce its rates for two years starting April 1, 2014.
