Aquarion Water Company customers will be getting a break on bills. Starting next year, Aquarion will reduce rates by 5.6 percent for the next three years. The company says new regulations issued in September by the IRS allows them to adopt an alternative to how capital expenditures are treated for income tax purposes.
The total amount being returned to Aquarion customers is $29 million. The proposal needs approval from the sate Public Utilities Regulatory Authority.
Aquarion will also be delaying its next general rate case and its planned Water Infrastructure and Conservation Adjustment . The company says it will continue to investigate Adjustment eligible main replacements though during that time.