Bank of America Comments on Northeast Utilities

Bank of America is providing commentary on Northeast Utilities (NYSE: NU).

“On 6/2, the Connecticut Department of Public Utility Control (DPUC) issued a draft decision, authorizing a cumulative decrease of about $5m below current revenues, substantially lower than the cumulative increase of about $69m requested by Northeast Utilities' Yankee Gas subsidiary,” Bank of America writes.

“The DPUC's reduction to Yankee's request was primarily due to increased sales forecast, current capital market conditions, decreased payroll, reductions to rate base, and savings from NU's proposed merger with NSTAR. A final decision is expected on 6/29.”