Saturday, May 10, 2008

UI Intends To Seek Another Rate Increase

United Illuminating just had its conference call to its investors this week. The electric that they sold showed yet another double digit increase in their profits, however UI's CEO Mr Torgensen complained that they sold too little electric and was disappointed so many people were "turning off the lights." He also was not happy with the level of uncollected receivables and told the shareholders that he planned on recouping their lost profits through yet another Decoupling Bill.

Mr. Torgensen and crew will be up in Hartford lobbying the DPUC, who regulates the cost of electric, with the written Decoupling request to help restore their, yet again lost profits. Last time such a bill was introduced, no one in the legislature even read it, actually it was introduced one hour before it was voted on. That bill was H.B. 7432, introduced earlier last year.

Rep. Megna of New haven opposed that bill citing that concessions were in order as energy was increasing faster than people could afford to pay. Should UI succeed in this latest decoupling bill it may push our electric bill has high as 100% in eight years.

To hear the entire UI Conference call scroll to the end of the audio clip listed below.

Click HERE to start the UIL earnings Call.

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