Eversource cuts budget, investments, blaming PURA and credit downgrades [Video]

BERLIN, Conn. — Eversource is warning Connecticut communities of a budget cut to investment projects in the coming year, and they’re placing the blame at the feet of regulators and credit agencies. 

On Dec. 30, 2024, Eversource sent a letter to community partners outlining the planned reductions and warned that over the coming years, service levels will decrease up to 15% due to the reduced investment. 

In the letter, Eversource blames the reduced investment and budget on the Connecticut Public Utilities Regulatory Authority (PURA) and national credit rating agencies. Late last year, Moody’s and S&G Global downgraded Eversource’s credit rating through subsidiaries like Yankee Gas Services Co. and Connecticut Light & Power Co. 

In the letter, Eversource said, “Contrary to what some state officials have said following the downgrades, the credit-rating actions are not good news and will not…