Connecticut’s two largest investor-owned utility companies raised alarms Monday over recently-filed legislation that seeks to impose dramatic new regulations on their businesses — including a requirement that they split apart their electric and gas interests. In addition to prohibiting companies like Eversource and United Illuminating from owning both electric and gas utilities in Connecticut, the bill would limit their ability to profit from investments and it would make the companies and their internal documents subject to the state’s Freedom of Information Act. The bill would also add qualification requirements for new board members of the Public Utilities Regulatory Authority while attempting to limit conflicts of interest between regulators and the utilities. The bill would also limit the number of PURA commissioners previously employed by entities regulated by the authority and extend the “cooling off” period for former commissioners to take a job with a regulated utility, from one year to five. Board members who previously worked for a utility — which would include interim Commissioner David Arconti, a former UI lobbyist — would be be required to recuse themselves from any cases involving their former employer for a period of five years.
Lawmakers consider banning Eversource, UI from owning both gas and electric utilities