Bombshell: Aquarion Deal Falls Apart on Spreadsheet Error

After years of controversy, Eversource reached a deal to sell Aquarion Water Co. to a newly formed public authority. The selling point? A promise of long-term rate stability for Connecticut families.

The Promise: On March 25, 2026, PURA (the state’s utility regulator) gave the green light to the sale. The deciding factor was a conclusion that the deal would result in zero rate increases between 2035 and 2040, providing a much-needed reprieve for customers. It sounded like a rare win for the public—until the math was double-checked.

The Skunk in the Spreadsheet: That promise just evaporated. Attorney General William Tong and Consumer Counsel Claire Coleman have filed a "bombshell" petition revealing a massive mathematical error. It turns out PURA’s analysis failed to account for approximately $474 million in additional rate increases projected through 2066.

The "Compressed" Data: How did they miss a half-billion dollars? According to Tong, agency officials based their entire decision on a spreadsheet that had been "compressed" in size. When the document was fully expanded, the hidden costs—and the looming rate hikes—finally came to light.

Between the Lines: This deal fell apart on a simple spreadsheet error. On Wall Street, a junior analyst would be canned for a mistake of this magnitude; at PURA, it nearly cost Connecticut water customers $474 million in "invisible" hikes, leaving many to wonder if the regulator is capable of truly looking out for water customers.

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