According to the Hartford Business Journal, United Illuminating Co. reported a first-quarter return on equity of 3.49%, significantly below its allowed 8.63% set by the Public Utilities Regulatory Authority. The company attributes this decline to financial challenges stemming from PURA’s 2023 rate decision, warning that higher debt costs could lead to increased customer rates. UI has reduced its capital investments by $70 million and may defer long-term projects, including rebuilding a substation serving 18,000 customers in Trumbull and Bridgeport. The utility urges PURA to approve sufficient revenue based on its investment plan to prevent further financial strain.

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