New Haven’s UIL Holdings Corp. said it plans to take a one-time write off between $15 million and $18 million this quarter, following a recent state decision to grant half of the rate increase the company had requested.
Orange electric utility United Illuminating, which is wholly-owned subsidiary of UIL, had asked for a two-year, $91-million increase in its electric distribution rate, which amounts to a nearly 34-percent hike. The state’s Public Utilities Regulatory Authority decided Aug. 14 to grant a $45.8-million increase, which amounts to 16.5 percent.
UI had said it needed the money to pay for capital infrastructure, deferred storm costs and the cost of the utility’s recently constructed $121 million headquarters.
PURA had issued a previous draft decision calling for a $37 million increase, but allowed a higher figure in its final decision.
