Connecticut’s biggest electric utility is to acquire one of its biggest water suppliers. Eversource has announced a deal to buy Aquarion in a $1.68 billion tie up.
Aquarion's current owners, lead by an infrastructure investment company, had been looking for a sale; while Eversource owns both gas and electric assets over three states, this marks its first acquisition of a water utility.
The water company, which is based in Bridgeport, serves about 230,000 Connecticut households.
UTC Announces Connecticut Investment
While Aetna may be looking for an exit, United Technologies has doubled down on its Connecticut presence. The Farmington-based conglomerate celebrated the opening of its revamped research center in East Hartford Friday, an event that represents tens of millions of dollars of investment in the state.
CEO Greg Hayes paid tribute to Connecticut’s highly educated workforce as a key reason for UTC’s presence.
Towns To Be Given Budgetary Discretion
As they conclude that there will be no budget deal by the end of the legislative session this week, lawmakers moved on Saturday to ease the uncertainty for towns relying on state aid. The House of Representatives passed a bill unanimously that would allow towns and cities to legally adjust their budgets after the fact.
Most towns have already had to adopt a budget for the next fiscal year, assuming a certain level of funding from the state. There’s still a good deal of uncertainty over how municipalities will be treated in any upcoming biennial budget deal.