PURA tells parties to press forward with discovery as Eversource warns securitization timing is critical

The Public Utilities Regulatory Authority (PURA) directed parties to proceed with issuing outstanding interrogatories on an Eversource securitization docket while the authority prepares a formal ruling on a motion from the Office of Consumer Counsel (OCC).

The instruction came during an informal scheduling conference called to address discovery timing and whether hearings on Connecticut Light and Power Company, d/b/a Eversource Energy’s application to securitize catastrophic storm costs for 2018–2023 should start as scheduled on March 24. Chair Tom Wheel said the agency will issue a written ruling but, from the bench, told participants to “go ahead and issue those interrogatories” so work on discovery can continue. (Tom Wheel is Interim Chairman, Public Utilities Regulatory Authority.)

Why it matters: Eversource said the timing of PURA’s prudency decision is on the critical path for financing that would enable securitization, which in turn affects rate‑setting and other customer‑facing proceedings. Doug Horton, an Eversource representative, told the authority “the carrying charges are accruing, and they are real, in a material way, at $7,000,000 a month,” and urged PURA to keep the currently scheduled timeline so securitization work can proceed.

Eversource representatives, including attorney Vincent Pace, said the company has been producing responses in rolling fashion and has filed 1,571 data responses to date; they committed to file the roughly 109 outstanding interrogatory responses that were due under the current rolling schedule by March 10 and to continue answering additional questions as quickly as possible. Pace said the company was trying to avoid shifting hearing dates because it had prepared witnesses and support personnel for the scheduled sessions.

OCC’s position, voiced by Kim White, emphasized that receiving a large volume of discovery close to the start of hearings would impede preparation and suggested a short extension of rolling discovery deadlines (a one‑week shift) while keeping hearing dates intact. White said there were 109 outstanding interrogatories as of that morning and asked whether Eversource expected to complete them by March 10.

DEEP (the Department of Energy and Environmental Protection), represented by Susanna Nigro, urged clarifying early whether the bonds would be issued by Eversource or by the state Treasury, noting statutory language leaves the decision to PURA in the context of a financing order. Commissioners, including Jan Beecher and Everett Smith, discussed dual‑tracking options — running a financing docket in parallel with the prudency docket — and possible ways to shorten the back end of the financing process.

Participants proposed several measures intended to reduce last‑minute disputes and speed hearings: Eversource offered to provide a categorized ‘‘hearing roadmap’’ of data responses and to prepare hard‑copy compilations for staff; the company also suggested post‑hearing scheduling conferences to reassess whether additional days were needed. Doug Horton suggested technical sessions where parties could clarify formats and narrow follow‑up questions to reduce formal discovery cycles.

Industry experience cited on the call suggested that once PURA issues a final dollar amount to be securitized, the financing step historically has taken roughly three to four months before proceeds were available, depending on scale and coordination with bankers and rating agencies.

Next steps: Chair Wheel said PURA will issue a written ruling on OCC’s motion but, to avoid delay, directed parties to proceed with issuing and answering outstanding interrogatories. The authority left the hearing dates in place and said it would reconvene for additional scheduling discussion if discovery volumes close to hearings require more time. The parties expect hearings to begin March 24 unless further adjustments are ordered.

Quotes (selected):
"The carrying charges are accruing, and they are real, in a material way, at $7,000,000 a month," — Doug Horton, Eversource representative.

"We filed 1,571 data responses...we're happy to take additional questions," — Vincent Pace, Eversource attorney.

"Go ahead and issue those interrogatories," — Tom Wheel, Interim Chairman, Public Utilities Regulatory Authority (bench direction).

Ending: PURA closed the informal conference after the bench direction and said a written ruling on OCC’s motion would follow; participants were told to be prepared to appear in the hearing room on March 24 unless PURA orders otherwise.