CLINTON, Conn. (AP) _ A Connecticut water utility says a settlement with state officials will cut rates for customers and it promises to not seek a general rate increase until 2015.
The Connecticut Water Co. said Monday that as part of its agreement with the state Office of Consumer Counsel and Attorney General George Jepsen, it will return $10 million over two years in the form of a rate cut to its 90,000 customers in 56 towns. The reduction will begin next April 1.
Connecticut Water said a recent change in the federal tax code allows utilities to take an immediate deduction for some spending on equipment and property that otherwise would be deducted in increments over years.
The settlement agreement was submitted Monday for approval by the state Public Utilities Regulatory Authority.
(© Copyright 2013 The Associated Press. All Rights Reserved.)