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Following energy issues in the state of Connecticut and beyond.

Monday, November 16, 2009

ECSU Report Says CL&P Is A Major Economic Engine For State

A new report released Monday says that Connecticut Light & Power “is a linchpin organization” to the state’s economic growth, with its investments adding over 4,400 jobs and increasing its economic output by $673.5 million annually.

The 28-page study, conducted by two Eastern Connecticut State University economics professors, also says that investments the Berlin, Ct.-based utility has planned through 2012 will increase the state’s employment by 2,767 jobs and its total economic output by $354.8 million. Output is the dollar value of goods and services produced in the state of Connecticut as a result of additional spending by the utility.

“CLP has a more multi-dimensional economic impact than any other company in Connecticut,” said Dimitrios Pachis, an economics professor at ECSU and one of the authors of the study. “Here’s a company that is forward looking, a true partner of the state.”

The study was done over a two-month period using state and federal data. Pachis and fellow economics professor Jennifer Brown conducted the study working on a $23,000 grant that came from shareholders of CL&P’s corporate parent, Northeast Utilities.

Jeff Butler, CL&P’s president, said results of the study are designed “to educate people to the value of what this company brings to the state of Connecticut.

Even without the results of the study confirming it, Connecticut Business & Industry Association Economist Pete Gioia said there was never any question of CL&P’s status as a major economic engine for the state.

"All you have to do is take a look at the list of top taxpayers in every community in the state," Gioia said. "There are a lot of small towns out there that would be suffering if they didn’t have CL&P as part of their tax base.”

The ECSU study found that CL&P pays more than $71 million in municipal taxes each year, which supports an estimated 1,550 jobs around the state.

For more information on the study, read tomorrow's New Haven Register.


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