Connecticuit Water Service gets the nod from state regulators to lower rates

|By:, SA News Editor

Connecticut Water Service (CTWS +0.7%) says its regulated public utility subsidiary has received approval from state regulators to lower its customer rates starting April 1, 2014.

The rate cut follows a settlement agreement between CTWS, the Office of Consumer Counsel, and the Connecticut attorney general, with the company returning the benefits of a recent IRS tax law clarification resulting in a $10M federal tax refund for tax years 2010 through 2012.

The utility also agreed not to seek a general rate increase until 2015 at the earliest and to delay its planned 2014 Water Infrastructure and Conservation Adjustment filing by at least six months.