CT Regulators Urged to Reconsider $500M Aquarion Sale Approval

Attorney General and Consumer Counsel cite major financial errors in original decision

Apr. 8, 2026 at 8:37pm

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A photorealistic studio still life featuring a stack of financial documents, a calculator, and a gavel floating on a clean, monochromatic background, conceptually representing the abstract ideas of corporate finance and regulatory oversight.A regulatory review process that missed a critical $500 million error raises questions about the true financial impacts of a major utility acquisition.New Haven Today

Connecticut's Attorney General William Tong and Consumer Counsel Claire Coleman have filed a joint petition asking state utility regulators to reconsider their approval of the $5.9 billion sale of Aquarion Water Co. to the South Central Connecticut Regional Water Authority. The petition cites a critical $474 million error in the regulators' analysis that would result in significant rate hikes for Aquarion customers.

Why it matters

The proposed Aquarion acquisition has been a contentious issue, with regulators initially rejecting the deal before being ordered by a court to reconsider it. This new discovery of a major financial miscalculation could force regulators to take a fresh look at whether the sale is truly in the public interest.

The details

Tong and Coleman argue that PURA's approval of the deal would result in Aquarion customers having to pay approximately $5.9 billion in acquisition and financing costs, including $3.6 billion in interest. They also identified a critical error in PURA's analysis that failed to account for an additional $474 million in projected rate increases through 2066.

  • On March 25, 2026, PURA gave final approval to the Aquarion sale.
  • On April 8, 2026, Tong and Coleman filed a joint petition asking PURA to reconsider its approval.

The players

William Tong

The Attorney General of Connecticut who is asking PURA to reconsider its approval of the Aquarion sale.

Claire Coleman

The Connecticut Consumer Counsel who is joining Tong in the request for PURA to reconsider its decision.

South Central Connecticut Regional Water Authority

The entity that is acquiring Aquarion Water Co. in the $5.9 billion deal.

Eversource Energy

The corporate parent of Aquarion Water Co.

Connecticut Public Utilities Regulatory Authority (PURA)

The state regulatory agency that initially rejected the Aquarion sale in 2025 before being ordered by a court to reconsider it, leading to the March 2026 approval that is now being challenged.

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What they’re saying

“PURA completely missed half a billion dollars in rate increases. Their entire decision rested on bad math based on incomplete information. There's just no question that PURA must immediately reconsider its decision and reject the sale.”

— William Tong, Attorney General of Connecticut

“A nearly half billion-dollar error in rate impacts doesn't just tip the scale, it breaks it.”

— Claire Coleman, Connecticut Consumer Counsel

What’s next

PURA will need to decide whether to reconsider its approval of the Aquarion sale in light of the errors identified by the Attorney General and Consumer Counsel.

The takeaway

This case highlights the importance of thorough financial analysis and transparency when it comes to major utility acquisitions that can have significant impacts on ratepayers. It also underscores the role of state regulators in protecting consumer interests.