Eversource has announced a pause to processing new applications for EV programs offering electric vehicle charging rebates, according to a statement.
“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,” said Eversource.
Eversource has informed the Public Utilities Regulatory Authority that “up-front funding of incentives for Residential, Commercial Level 2 and DC Fast charging programs” are suspended, as per a statement, until an adequate funding mechanism is provided to support the programs.
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“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 in a statement.
“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,” the company said in a statement.
House Republican Leader Vincent and Senate Republican Leader Stephen Harding then Thursday issued a statement saying they see it as a problem caused by state policies “favored by” Democrats.
The leaders called Eversource’s request one “to recover costs associated with a rebate program for electric vehicle charging equipment that was initiated by the Public Utilities Regulatory Authority to help the state achieve energy goals set by the General Assembly.”
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“That our state’s largest utility company, Eversource, is saying that it will no longer support the financial incentive program for home and business electric vehicle charging equipment unless it can recover the full costs of the EV program in a timely manner is the clearest indication yet that the energy policies favored by majority Democrats are simply out of step with the reality of the economics associated with running, maintaining and improving our electric grid,” the Republican leaders said in a statement.
“It’s past time for the Democrats and the Governor to get serious about charting a sensible and sustainable path forward on energy issues. That effort should begin with the Governor making his final two—and overdue—appointments to the Public Utilities Regulatory Authority. Failure to act will only add to the uncertainty over the cost, scope and timeline of much-needed improvements to our state’s fragile grid and, ultimately, cause more frustration among ratepayers who are fed up with escalating costs.”
State Sen. Needleman, D-Essex, said, “How does a company with an underlying profit of more than $1.5 billion plead unfair treatment the day after Connecticut’s regulators gave them everything they requested?
“Worse, they threatened the state of Connecticut, saying they will not fulfill their obligations to build out improvements to the electric grid necessary to support our policy goals,” the senator said in an emailed statement. “This week, Eversource received every penny it requested, but it’s still complaining. This behavior is threatening, vindictive and irresponsible, not to mention disrespectful to ratepayers facing another increase to their monthly bills. When you get what you want and you’re still whining, one has to wonder, is there something else going on under the hood?
Needleman further said that if Eversource “does not want to make green energy investments in our grid, for which it receives full reimbursement and an additional profit on top of out-of-pocket costs, maybe we should consider a review of their franchise agreement, which allows them to operate as a monopoly with no competition.
“The only thing protecting ratepayers from corporate greed is a regulatory authority that does its job appropriately and acts as a proxy for ratepayers and the free market,” he said. “If they are unwilling to honor that agreement, then maybe the state needs to reconsider its commitment to allow them to operate as a monopoly. ”
The General Assembly will continue to enable our regulators to provide appropriate oversight in the best interest of Connecticut’s ratepayers and won’t be threatened or intimidated by a company whose primary interest is shareholder profit and compensation for senior executives.
Needleman also said, “more baffling is the Republicans’ apparent change of heart and their support of this behavior. In recent years, bills passed by broad bipartisan majorities with the intent of holding these utilities accountable. It appears Republicans are having buyer’s remorse after having done the right thing by supporting those bills.”
Requests for comment also were sent to other spokespersons for Democratic leaders.
