As Eversource focuses on implementing solutions that will advance decarbonization and electrification goals in Connecticut, state regulatory decisions are calling into question the stability of the state's support for EV funding, impeding the company's ability to continue funding these important customer programs. Eversource fully supports the state's emissions reduction targets and has been a catalyst for clean energy innovation on multiple fronts, including the redevelopment of the State Pier in New London and engagement with the offshore wind industry, as well as the successful administration of solar programs and energy efficiency solutions through Energize ConnecticutSM that directly benefit customers. Eversource has also proudly enabled greater access to electric vehicle charging programs, committing over $50 million dollars in Connecticut since the programs began in 2022.
Regulatory treatment for the continued build-up of deferred program costs is creating uncertainty and risk for further investment to promote the EV programs. With an unpredictable state regulatory environment, Eversource must focus its available investment resources on the safe and reliable delivery of electric service to customers. As a result, the energy company has informed the Public Utilities Regulatory Authority (PURA) that it will suspend its continued, up-front funding of incentives for Residential, Commercial Level 2 and DC Fast charging programs until such time that PURA establishes a secure, timely, and adequate funding mechanism to provide the revenues necessary to support these programs.
"Continued participation in these programs could place critically needed capital resources at risk and hinder our ability to support electric operations that our customers rely on every day," said Eversource Vice President of Distribution Rates and Regulatory Requirements Doug Horton. "Historically, we've laid out the funding up front to carry out these programs on behalf of our customers looking to convert to electric vehicles, but through recent decisions and public comments, PURA has made it clear the agency does not see it as necessary to support state policy with its ratemaking policies. The regulatory authority's record of unreasonable, arbitrary decisions to deny reimbursements for costs incurred in good faith on behalf of customers is creating uncertainty and risk for new investments. We are eager to resume our EV programs once PURA establishes a rate treatment that is supportive of these continued program outlays. In the meantime, we are conducting proactive outreach to collaborate on worthwhile initiatives we can proceed with."
"More than a billion dollars annually is invested in the clean energy programs we administer across our three states, and those programs continue to garner national attention as some of the best in the country," said Eversource Vice President of Energy Efficiency and Electric Mobility Tilak Subrahmanian. "This success isn't by accident - it occurs as a result of three vital pillars of collaboration and participation: a constructive and predictable regulatory environment, customer interest in realizing the savings that the programs provide and energy companies that are eager to partner in these endeavors. We've been proud to award tens of millions of dollars in recent years to support the buildout of electric vehicle infrastructure in Connecticut, and we are excited to continue that important work once the state clarifies that timely and adequate revenues are available to pay for these programs on a predictable basis. We look forward to the opportunity to put more solutions on the table to maximize these benefits for our customers."
This week, Eversource filed a motion seeking modifications to Residential, Commercial Level 2 and DC Fast charging programs. Until a clear and predictable path to cost recovery is established, Eversource notified state regulators that it will pause processing new applications for Residential and Commercial Level 2 programs at 11:59 p.m. on May 22, 2024. DC Fast applications will not be awarded in 2024.
Find specific program details here.
Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek's list of America's Most Responsible Companies for 2024 and recognized as a Five-Year Champion, appearing in every edition of the list. Celebrated as a national leader for its corporate citizenship, Eversource transmits and delivers electricity to 1.28 million customers in 149 cities and towns, provides natural gas to 251,000 customers in 74 communities, and supplies water to approximately 217,000 customers in 59 communities across Connecticut. Eversource harnesses the commitment of approximately 9,900 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information on our water services, visit aquarionwater.com.
CONTACT:
Tricia Taskey Modifica
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Sarah Paduano
(860) 665-4606
