Connecticut Rejects Eversource Unit Sale on Cost Concerns
An Eversource lineworker guides a manhole cover into place.
Photographer: Craig F. Walker/The Boston Globe/Getty ImagesEversource Energy shares tumbled after its request to sell subsidiary Aquarion Water Company was rejected by Connecticut regulators, the latest sign that utilities are facing pushback over concerns about consumer costs.
Four commissioners with the Connecticut Public Utilities Regulatory Authority voted to deny the move, while the chairman recused himself. Eversource shares slid as much as 9.5% in New York, the most since March 2020, making it the worst performer in the S&P 500 Index on Wednesday.