Connecticut Approves Aquarion Water Sale, Impacting Hundreds of Thousands
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Connecticuts Public Utility Regulatory Authority has reversed its decision, proposing to approve the sale of Aquarion Water Company to a new nonprofit, Aquarion Water Authority. This deal, worth $2.4 billion, impacts hundreds of thousands of customers in western Connecticut. The buyer, tied to the South Central Connecticut Regional Water Authority, plans to handle financing through $1.6 billion in cash and $800 million in debt. The sale was initiated after Eversource, Aquarions parent company, decided to sell due to rate cuts making the water utility financially burdensome. State lawmakers passed special legislation to enable the deal, giving the regional authority control for three years post-sale. The proposal is not final yet, with groups able to comment before a decision on March 25th.
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