Eversource proposes rate hike after reported revenue shortage

If approved, this hike would start in January of 2018

SPRINGFIELD, Mass. (WWLP) – “Fight the hike!” That’s the message from Springfield residents who want to stop Eversource from raising their price. The company’s proposed a rate hike to cover a $96-million revenue shortfall; making it up would cost you an extra $140 next year.

Eversource Spokesperson Priscilla Ress told 22News, “its money that’s already been invested in our electric system to keep it reliable and robust, and now we have to say, ‘look we have this revenue shortfall and it has to be made up.’”

Eversource said they’ve already spent millions of dollars modernizing the grid and improving reliability, but at the end of the day, somebody has to pay for it and residents said it shouldn’t be them.

Michael Ann Bewsee of Springfield said, “That’s their job. To keep the lights on. They get paid for that. They make a good profit, they don’t need any more of it.”

Lorenzo Gaines of Springfield said, “Look at your bottom line. Look at your profits. Look at your stake holders and really think about the citizens and the residents who are advocating for you not to raise your rates.”

If approved, this hike would start in January of 2018. However, they’re also asking the Department of Public Utilities to approve additional hikes every year between 2019 and 2022, to bring in an extra $8-million per year.

Attorney General Maura Healey is fighting this rate hike in person and on twitter, saying Eversource is putting the interests of shareholders above rate payers. Click Here to read AG Maura’s testimony to the DPU on Wednesday.