Press Release From Yahoo Finance
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Connecticut utility United Illuminating files rate increase application with state regulators.
"NEW HAVEN, Conn. (AP) -- Electric utility The United Illuminating Co. has filed an application with Connecticut authorities seeking a rate increase.
If approved by the Department of Public Utility Control, electric bills for residential customers using 700 kilowatt-hours per month will rise by about $6.60 per month. Attorney General Richard Blumenthal, says he will fight the increase.
United Illuminating says it understands that rising energy costs are creating difficulties for consumers, but the company needs to increase its electricity distribution rate because of higher expenses, lower sales and increased capital costs.
Blumenthal says UI must tighten its belt and make do with less.
UI serves more than 323,000 residential, commercial and industrial customers in the greater New Haven and Bridgeport areas.
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In Summary UI alleges profits are up in some areas down in others and maintain that conservation and delinquent accounts are costing them dearly. UI has also indicated that customers are more hostile and are planning or considering a system that remotely shuts off non paying customers. This will save UI money by eliminating jobs, and avoiding their hostile customers, vicious dogs, and inaccessible meters.
Conference Call Second Quarter 2008. [Click HERE] Scroll to middle of audio clip for conference call to begin. It starts after the music on hold.
Special point to add to this "shocker" is that shortly after the DPUC got slammed with this UI request our Spanish owned gas provider got caught over charging Milford for gas. They are now being forced to give us some money back, up to $9.00 per month.
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