Orange electric utility United Illuminating has demanded Connecticut regulators reconsider their draft decision to trim UI’s $91 million rate increase request by nearly 60 percent.
The Public Utilities Regulatory Authority on July 31 issued its decision on UI’s rate request, saying the utility needed an increase of only $37 million that lowered profit margins and eliminated costs relevant to compensation, operations, and the company’s new Orange headquarters.
Since the decision is not final until PURA makes a final ruling, UI on Tuesday filed a strongly worded response, demanding the $91 million increase, saying it better addresses the company’s needs and will sustain its financial health.
UI said in its second quarter filing that if PURA doesn’t revise its draft decision, the company will have a $37 million pretax write off in the third quarter.
PURA’s final decision is expected Aug. 14.
UI’s parent company, New Haven-based UIL Holdings Corp., also filed its second quarter report on Tuesday, reporting net income of $17.9 million, or 35 cents per share, vs. $12 million, or 23 cents per share, in the second quarter 2012.
