Northeast Utilities (NU) Adds $30M to Post-Storm Fund; Taps Car Czar Feinberg as Admin on Fund
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Northeast Utilities (NYSE: NU) Chairman, President and Chief Executive Officer Charles W. Shivery today announced the company has increased the post-storm fund established on November 9 up to $30 million.
The company also sought the assistance of Kenneth Feinberg, the nationally renowned claim fund administrator, who designed and administered the September 11 Victim Compensation Fund. Feinberg agreed to help NU administer this post-storm fund at the request of Governor Malloy. The company announced that any residential customer without power after noon on Saturday, November 5, as a result of the storm, would be eligible for credit applied to their CL&P bill – a minimum of $100 to a maximum of $200 depending on how many eligible customers apply for the credit. “I applaud the company and the Governor for working together to create a process that is simple and fair,” Feinberg said.
In addition, the company will also be making donations of up to $5 million to the Connecticut Food Bank, Foodshare and Operation Fuel to help them address community needs for this approaching winter season. Each organization will initially receive $1 million with additional funds determined at the close of the fund in January.
The company also sought the assistance of Kenneth Feinberg, the nationally renowned claim fund administrator, who designed and administered the September 11 Victim Compensation Fund. Feinberg agreed to help NU administer this post-storm fund at the request of Governor Malloy. The company announced that any residential customer without power after noon on Saturday, November 5, as a result of the storm, would be eligible for credit applied to their CL&P bill – a minimum of $100 to a maximum of $200 depending on how many eligible customers apply for the credit. “I applaud the company and the Governor for working together to create a process that is simple and fair,” Feinberg said.
In addition, the company will also be making donations of up to $5 million to the Connecticut Food Bank, Foodshare and Operation Fuel to help them address community needs for this approaching winter season. Each organization will initially receive $1 million with additional funds determined at the close of the fund in January.
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