Democratic and Republican lawmakers in Connecticut have pushed back on claims that the state’s regulatory environment is harming public utilities.
Eversource — Connecticut’s largest utility — had its credit rating downgraded by the Standard and Poor’s agency earlier this week.
The state’s regulatory environment is to blame, said the company.
“They’re obviously lobbying for a more relaxed regulatory environment,” said state Senator Norm Needleman, the Democrat who co-chairs the Energy and Technology Committee in the state legislature.
He disagrees with Eversource’s contention that the downgrade will increase costs for ratepayers.
“I think the ratepayers gain significantly by a more rigorous regulatory environment to hold Eversource and other public utilities more accountable,” he said.
The rating agency gave too much credence to the utility’s complaints, said state Senator Ryan Fazio, the ranking Republican on the committee.
“There needs to be a balancing act for all parties involved that both ensures that there is a tough oversight to protect consumers from excessive costs while at the same time ensuring that there is investment in the grid,” he said.
Eversource has said it’s willing to engage constructively with state officials to achieve a more balanced environment.