Eversource falls after Connecticut denies sale of Aquarion unit

Connecticut Attorney General William Tong “praised” the decision by the Public Utilities Regulatory Authority to deny the sale of Eversource’s (ES) Aquarion Company to a new nonprofit. “This deal was a costly loser for Connecticut families and PURA was right to reject it. Eversource desperately wanted to offload Aquarion, and they concocted this maneuver to extract as much cash as possible by guaranteeing the new entity free reign to jack up rates. Eversource is free to find a new buyer, but should understand that any new attempt to end public regulatory oversight over water bills for hundreds of thousands of Connecticut families is going to be a non-starter here,” said Attorney General Tong. Shares of Eversource are down 11%, or $8.28, to $66.17 in midday trading.