State utility regulators have proposed allowing Eversource Energy to recover most of its storm restoration costs from customers while rejecting the company’s bid to collect nearly $400 million in retroactive interest.
In a proposed final decision issued Monday, the Public Utilities Regulatory Authority approved about $933 million of the $965 million in storm restoration costs Eversource sought to recover for 43 major storms between 2018 and 2023, including Tropical Storm Isaias.
PURA, however, rejected the company’s request to recover $396.7 million in interest dating back to when the storm costs were incurred. Instead, regulators said interest can begin accruing only after the costs have been reviewed and approved, consistent with the agency’s policy.
The proposed decision allows Eversource to begin accruing interest on the remaining balance — about $842 million — starting from the date of the decision.
The decision is not final. The parties have until July 6 to file written exceptions, oral arguments are scheduled for July 13, and PURA is expected to vote on a final decision on July 29.
Eversource originally requested $1.28 billion when it first filed its application to securitize storm costs in December 2025. The total request grew to $1.38 billion by April, as interest charges accumulated.
“We are evaluating PURA’s draft decision in relation to the demands of our customers for a speedy and effective storm response,” Eversource spokesperson Sarah Paduano said Tuesday. “Important discussions remain regarding how the company will be compensated for the money it borrows in order to adequately meet customer expectations during every restoration when severe weather strikes the state.”
Securitization is a financing method in which bonds backed by future customer payments let utilities borrow at lower rates than conventional loans, easing the impact on monthly bills.
The Office of Consumer Counsel had urged PURA to approve about $689.5 million of Eversource’s storm costs.
Eversource has argued that delays in the prudency review increased financing costs.
Attorney General William Tong, who opposed the retroactive interest request, praised the proposed decision Tuesday, saying it prevents customers from paying interest on costs that had not yet been reviewed.
Tong’s office also noted that Eversource requested 74 extensions during the proceeding, totaling more than 1,000 days, arguing those delays undermined the company’s claim that it should be compensated for the length of the review.
