BOSTON (WWLP) – New England electricity customers could receive nearly $1 billion in refunds and see lower energy costs moving forward following a federal ruling aimed at reducing utility profits.
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The Federal Energy Regulatory Commission’s decision lowers the return on equity, or profit, that transmission companies can earn on investments across the region.
Officials say the move comes after more than a decade of advocacy by the Massachusetts Attorney General’s Office and other regional partners. If upheld, the order is expected to result in about $900 million in refunds to ratepayers across New England and more than $100 million in annual savings. Massachusetts customers make up roughly half of those affected.
“People’s energy costs are far too high, and we fought for a long time in this case to lower people’s bills,” said Maura 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.”…