Eversource bailout coming?

Concord NH

Description

If you’ve been around long enough breathing air, you’ll be familiar with the word “bailout” used together with PSNH. That’s Public Service of New Hampshire, the previous name used by our almighty electric utility. In 1984 and again just 3 years later, in 1987, PSNH was bailed out of their financial difficulties, huge sums of money being involved, to keep them solvent. But it didn’t last too long, as they have the distinction of being the first utility in America to declare bankruptcy. There is a long history of financial mismanagement, going back to before the days of Seabrook, and all along those,of us having the misfortune to have to do business with them have been paying some of the highest electric rates to be found. As I recall, a 3rd bailout happened as well, but I can’t remember the year. And their rate increase requests usually are approved without much objection from NHPUC (that’s the New Hampshire Public Utilities Commission) So here we are now in a post-PSNH New Hampshire, now dealing with Eversource. So if you’re still reading, you likely know that Eversource’s rate per KWH is about to go from a little more than 10 cents, to over 22 cents per KWH, starting August 1. Not too many years ago, none,of us had any choice when it came to buying electricity from PSNH or not, it was them or not having electric service. Unless you were lucky enough to generate your own, something far and few between even now. We have competition today, and most of us can now choose what electric company we buy power from. So what I’m getting at is this: I predict that record numbers of customers will/have already dumped PSNH, errr I mean Eversource, and go with a different company. Like rats abandoning the Titanic. So I’m guessing that not too long from now, Eversource will once again be in the headlines, begging for financial help. Will the State cave again? Or do we say “no!” this time, and let them go bankrupt? My vote is the latter…