UIL estimates Sandy damages topped $35 million

|

In an SEC filing, UIL Holdings said damages from Sandy would range between $35 million to 40 million and the company expects to recoup those costs through rates at a later date.

The estimate was provided as part of a filing detailing what UIL CEO James Torgerson was to speak about at an industry conference on Tuesday in Phoenix.

UIL said about 40 percent of its Sandy costs were for damaged equipment and infrastructure with the rest related to restoration. In all, the storm’s price tag to the New Haven-based utility is 45 percent higher than the cost of Tropical Storm Irene and a  massive October nor’easter that struck the state in 2011. The expense of the two 2011 storms for UIL was $24 million.

Northeast Utilities, the parent company of Connecticut Light & Power, is also sending executives, but a filing with the SEC did not provide a cost estimate for the damage from Sandy. NU said half of its electric utility customers were affected by the storm. NU said the 2011 storms cost it almost $372 million.

NU also filed its quarterly report and said net income was $209 million, or 66 cents a share for the third quarter.

Categories: Energy, Main Street
Tags: | |
Rob Varnon

Comments are closed.