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"                      <p class=\"imgtitle\">Blumenthal</p>           HARTFORD, Conn. (Legal Newsline) - No longer will Milford Power receive certain federally mandated subsidies, resulting in $38 million in savings to Connecticut ratepayers over the next two years.<br /><br />State Attorney General Richard Blumenthal announced Wednesday his office will be filing a settlement reached with Milford with the Federal Energy Regulatory Commission that will end the subsidies paid by consumers.<br /><br />\"This result is real relief for consumers and business from extreme electricity prices, refunds and reductions in their bills,\" Blumenthal said.<br /><br />\"Ratepayers will be spared paying tens of millions in unneeded subsidies to an already profitable plant. Lavishing generous subsidies on profitable generators is reverse Robin Hood -- taking from consumers to enrich corporations.\"<br /><br />Ratepayers will be refunded $4 million in the form of lower bills, then will save $34 million between Sept. 30-June 1, 2010.<br /><br />\"These subsidies were unfair and unnecessary because the company profitably operates two natural gas-fired power plants in Milford without them, and federal regulators recently awarded it tens of millions of dollars in additional ratepayer-funded payments,\" Blumenthal said.<br /><br />FERC granted Milford's request for ratepayer subsidies in 2004. The company said it needed them to compete.<br /><br /><em>From Legal Newsline: Reach John O'Brien via e-mail at john@legalnewsline.com.</em><br />"^^<http://www.w3.org/2001/XMLSchema#string>
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