UTL Unitil Corp

Item 8.01 Other Events

On May 3, 2022, the NHPUC issued Order No. 26,623 (the “Order”) in Docket No. DE 21-030, the distribution base rate case filed with the NHPUC on April 2, 2021 by Unitil Energy Systems, Inc. (the “Company”), Unitil Corporation’s electric utility subsidiary operating in New Hampshire.

The Order approves, in part, a comprehensive Settlement Agreement between the Company, the New Hampshire Department of Energy, the Office of Consumer Advocate, the New Hampshire Department of Environmental Services, Clean Energy New Hampshire, and ChargePoint, Inc. (the “Agreement”). In addition to authorizing an increase to permanent distribution rates of $6.3 million, effective June 1, 2022, the Order approves the following components of the Agreement: (1) a proposed multi-year rate plan, (2) a revenue decoupling mechanism, (3) proposed time-of-use rates, (4) resiliency programs to support the Company’s commitment to reliability, and (5) other rate design and tariff changes. On May 10, 2022, the Company filed a request for clarification with the NHPUC to clarify that the authorized revenue requirement should exclude expenses related to the Company’s proposed Arrearage Management Program (“AMP”), which was not approved in the Order. On May 12, 2022, the Commission issued Order No. 26,625, which clarified that because the Company will not incur the expenses associated with the AMP, those costs should be removed from the revenue requirement, and that the adjusted increase of $5.9 million will result in reasonable rates. The increase in permanent rates will be reconciled back to June 1, 2021, the effective date of temporary rates previously approved in this docket.

This distribution base rate case reflects the Company’s operating costs and investments in utility plant for a test year ended December 31, 2020 as adjusted for known and measurable changes. The Order provides for a return on equity of 9.2 percent and a capital structure reflecting 52% equity and 48% long-term debt.