Eversource considering appeal of PURA ruling

Eversource Energy factored a possible $30 million charge from the Public Utilities Regulatory Authority into its quarterly earnings this week, noting that the proposed fine — intended as a penalty for the utility's performance during Tropical Storm Isaias last year — could be passed on to shareholders in the form of reduced earnings.
In announcing first-quarter net income of $366.1 million on Monday, the energy conglomerate disclosed that the Public Utilities Regulatory Authority’s proposed sanction — which includes $28.4 million in ratepayer credits and a $1.6 million fine to the state — could cost 7 cents per share after taxes.
During a conference call with analysts, newly-appointed Eversource CEO Joe Nolan said he was personally distressed by PURA’s report on the company’s preparation for and performance during and after Isaias, which found that Eversource did not meet certain accepted performance standards and, through oversights, opened up risks to public safety.

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