Dive Summary:
- Connecticut Governor Dannel P. Malloy has proposed a new arrangement to inspire utilities to give an estimated 800,000 ratepayers a break on the cost of their electricity.
- Malloy estimated that the plan could bring in $80 million by steering customers into less expensive purchase plans; more than half of the state's customers currently use electricity supplied by the state's two largest utilities - Connecticut Light & Power and United Illuminating.
- A bidding system would be enacted; companies with winning bids would have the right to sell electricity to customers at a guaranteed 5% reduced rate.
From the article:
Rep. Lonnie Reed, the House chairwoman of the legislature's Energy and Technology Committee, said it's not yet clear how Connecticut would auction the right to provide the lower standard offer pricing, but Malloy said the auctions could produce $80 million in state revenue.
Malloy's plan says ratepayers would save about $65 a year. ...