State regulators have turned back more than half of a rate increase sought by Emera, the electric utility that serves Bangor Hydro and Maine Public Service customers.
The Public Utilities Commission knocked down the company’s allowed return on equity for some investments to 9 percent, partly in response to mismanagement identified by an independent auditor.
Commisioner Bruce Williamson reeled of a list of Emera practices that puzzled him.
“Of unsupported, inattentive or confused management, and the resulting high cost and schedule overruns of a customer information system installation. And the on-again-off-again attention to transmission distribution upkeep by pulling responsible managers off tasks like required visual inspections, to work on unspecified capital projects,” he says.
Emera had asked to add more than $7 million to customer billings, but the commission allowed only $3 million. Emera says that will increase typical monthly bills by a $1.10.