Connecticut grabs $5 million in Constellation settlement

Connecticut officials said Thursday electricity customers in the state will begin seeing a credit on their bills in January as funds from an energy market manipulation settlement get released.

In March, Constellation Energy Commodities Group settled allegations it manipulated Northeast electricity prices between 2007 and 2008. Constellation agreed to pay $245 million to settle the charges, with $20 million of that to be dispersed in New England.

Connecticut’s cut is about $5 million and Connecticut officials said residents here will start to see a credit from this agreement beginning in January.

Constellation did not immediately return an email request for information.

Connecticut and California both saw major upswings in energy prices as they deregulated their electricity markets and both were impacted by alleged manipulations. California suffered blackouts and fines were levied on numerous firms as a result.

Rob Varnon