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The Connecticut Water Co., which serves Old Lyme, Old Saybrook and Stonington, said Tuesday that state regulators have approved a requested rate cut that is expected to lower customer charges by $10 million over a two-year period.
The 6 percent reduction approved by the state Public Utilities Regulatory Authority will go into effect April 1, 2014, and another rate hike is not expected until 2015 at earliest.
Rate cuts were enabled by federal tax law changes. A new rule allows companies taking advantage of the regulatory change to recoup taxes paid under old regulations and to use funds to reduce rates.