Major electric companies may be forced to slash their rates by millions after a judge ruled the utility companies' rates too high, Attorney General Martha Coakley's office said yesterday.
The decision, handed down by an administrative law judge, could cut the rates Massachusetts bill-payers face by at least $50 million annually, with savings increasing to more than $70 million by 2017.
The decision would reduce the "return on equity" that utilities in New England — including Nstar and National Grid — can claim from ratepayers from 11.14 percent to 9.7 percent. ROE caps the percentage of profits utility companies can make, and allows rates to be adjusted to hit that target.
"This groundbreaking decision is a significant step toward bringing millions of dollars in relief to New England ratepayers who have been overcharged for years," Coakley said in a statement. In the original complaint, Coakley's office, along with utility regulators throughout New England, said the current ROE was unjust and unreasonable considering the current economic climate.
"National Grid continues to believe the existing ROE is just and reasonable," spokesman Fred Kuebler said. "By lowering ROE significantly, it could have an effect on how we invest in the infrastructure." He added National Grid will remain committed to providing the best service possible, regardless of the ultimate decision.
The decision would also retroactively lower that rate to 10.6 percent from October 2011 to December 31, 2012, although how this will be handled has not been determined.
The decision requires Federal Energy Regulatory Commission approval before it can take effect.
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