CL & P launched a campaign today to oppose Senate Bill 484, a bill that will create a hidden, unfair tax on CL&P customers.

The Connecticut legislature is proposing to securitize certain electric utility revenue streams to fund new revenue bonds to offset the state's budget deficit, creating more debt to pay for existing debt. This hidden tax will cost electric customers $180 million each year for the next 10 years. Only CL&P customers will pay the tax for the first three years. United Illuminating customers won't pay until 2014, and municipal electric customers would be completely exempt.

Jeff Butler, president and chief operating officer of CL&P, stated that the company appreciates the Governor's statement that she will veto this securitization plan to temporarily plug the state's budget hole. Butler believes that this "assault on customers is unacceptable." CL&P plans to fight vigorously on behalf of our customers and will communicate the dangers of this hidden tax to the public.

A website, www.notmybill.org has been launched to alert and educate customers about this threat.