BOSTON – Massachusetts Governor Maura Healey and Attorney General Andrea Joy Campbell have announced in a release the Federal Energy Regulatory Commission’s order to cut New England transmission owners’ allowed return on equity, the profits earned on transmission investments in the region. If upheld, this order will result in a refund of an estimated $900 million to New England ratepayers and more than $100 million in savings per year going forward.
“People’s energy costs are far too high, and we fought for a long time in this case to lower people’s bills,” said Governor Healey. “This decision makes clear that utilities should not be allowed to make exorbitant profits on the backs of ratepayers, and that those profits should go back in people’s pockets where it belongs. I am going to continue to oppose big rate increases to lower people’s bills.”
“As Massachusetts’ ratepayer advocate, my role is to ensure that utility rates are just and reasonable and that consumers are not paying more than they should,” said AG Campbell. “This decision reflects years of work to challenge excessive transmission profits and deliver meaningful relief. My office will continue to hold utility companies accountable and push for greater oversight to protect residents from unjustified and unreasonable costs.”…