Pennichuck Corporation Announces New Hampshire PUC Approval of Temporary Rate Increase
Pennichuck Corporation announced yesterday that the New Hampshire Public Utilities Commission has issued an Order approving temporary rate relief for its Pennichuck East Utilities, Inc. subsidiary. The Order provides for an annualized increase in Pennichuck East’s revenues of approximately $501,000 or 11.99%, and approves a settlement agreement between Pennichuck East, the NHPUC staff, and the new Hampshire Office of the Consumer Advocate. The Order calls for the temporary rate increase to be effective for service rendered on and after May 29, 2007.
Pennichuck East initiated a rate relief proceeding in April 2007 at which time it rquested an overall permanent increase in annual revenues in the amount of $864,000 or 20.92%. At that time, Pennichuck East requested a temporary annualized rate increase equal to $536,000, or 12.82%, pending the establishment of permanent rates.
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts.