Vermont Slaps Utility With Fines, Rate Reductions
Finding "a long and persistent record of misconduct and mismanagement," the Vermont Public Service Board has ordered Citizens Utility Co. immediately to reduce rates by 16.53 percent and pay fines totaling $60,000.
The board also reduced the company's return on equity from 10.5 to 5.25 percent, citing what it said were improper accounting practices, permitting failures and other bad management practices.