Eversource comments spark Lamont rebuke in Connecticut

Comments made by Joe Nolan, Eversource Energy’s chief executive officer, to financial analysts last week have reopened old wounds in the relationship between Connecticut’s largest electric distribution company and the administration of Gov. Ned Lamont.

In answering a question from investment analysts at a meeting last Wednesday, Nolan said Eversource “shut the faucet off in Connecticut,” referring to investments in the state.

“You know, until we got paid our, until we get the storm cost, we weren’t going to put another dime down there,” Nolan said of the battle between the state and company over storm cost payments. 

Cathryn Vaulman, a spokeswoman for Lamont, called Nolan’s comments  “inappropriate and incorrect.”

“Eversource is aware that Connecticut families are struggling with their electric bills,” Vaulman said. “Governor Lamont is focused on practical, impactful actions that will lower residents’ utility bills. Eversource has an obligation to maintain the grid and cannot simply shut off its responsibilities if it doesn’t receive a favorable decision.”

Max Reiss, Eversource’s vice president of strategic communications  and chief communications officer, said Nolan’s remarks to financial analysts were misinterpreted and viewed in too narrow a context.

“We are actively trying to reset the relationship with the state of Connecticut,” Reiss said. “Two-and-a-half years ago we announced a funding cut, but now things have completely shifted. Two things can be true at the same time and part of what he was referring to was the way things were before, not where they are now.”

In 2024, Nolan told Wall Street analysts the utility would immediately halt nearly $100 million per year in investment spending for five years until it sees a path to a payback on money it has spent.

But Eversource’s investments in Connecticut will increase to $1 billion next year, according to Reiss.

“There’s going to be investments in smart meters and transmission as well the possibility of some expenditures on battery storage,” he said.

The spending cuts that Reiss referenced were played out against back drop associated with Eversource officials dissatisfaction with regulatory rulings coming out of PURA, which at the time was chaired by Marissa Gillette. The relationship between state officials, the company and PURA hit rock bottom in early 2025 when Eversource sued the agency, claiming Gillette had overstepped her bounds.

Gillette resigned as chairwoman of PURA in October 2025 and the regulatory agency added four new commissioners, including new chairman Thomas Wiehl.

Whether it is merely a misunderstanding or not, the impact of Nolan’s remarks couldn’t come at a worse time. Eversource is the early stages of asking PURA for a rate increase.

 “This is why we have PURA,” Vaulman said. “We expect PURA to examine Eversource’s rate case and other requests just as carefully and continue to hold the company accountable.”

The timing of Nolan’s also come a little more than a month before the November elections in which Lamont is facing a challenge from Republican State Sen. Ryan Fazio. A frequent theme of Fazio’s campaign has been to attack Lamont for increasing the cost of living in Connecticut especially as it relates to electric rates. 

Fazio said Wednesday that Nolan’s comments about Connecticut show that Lamont has too cozy a relationship with the Eversource chief executive, one that does not benefit the state.

“Ned Lamont can pretend to stand up to Eversource, but its CEO clearly believes the Governor is their friend and that all the tough talk will disappear after the election,” Fazio said in a written statement.

With that in mind, an Eversource spokeswoman, Tricia Modifica said “it is more important than ever to get the story right, and the story Joe Nolan is telling about Connecticut to Wall Street is that the environment for investment is improving every day in Connecticut.”

“Investors turned their back on Connecticut for years, and now Joe is providing the update for investors that things have improved.” Modifica said. “Opportunities to invest in Connecticut are numerous.”

In addition to the investment plans mentioned by Reiss, Modifica said Eversource is looking to develop the Huntsbrook Energy Hub in Montville.The project is designed to bring off-shore wind into Connecticut, although the proposed switching station will be designed to handle up to 2,400 megawatts of additional power from any type of generation source. 

“We are optimistic on these opportunities given the recent constructive decision on storm cost recovery, and the promise of legal and fair regulatory treatment of our rate review application that is proposing to implement a four-year plan to support hundreds of millions of dollars of annual investment in a stronger and more reliable grid, while promoting operational efficiency and affordability for our customers,” she said. “Connecticut has emerged from a dark time when it comes to what the partnership with utilities looks like and we are committed to a stronger Connecticut, focusing on the future rather than the past.”