Hartford Business Journal

HARTFORDBUSINESS.COM | MARCH 4, 2024 27 POWER 50 6 Joseph Nolan Jr. J oseph R. Nolan Jr. is the chairman, president and CEO of the state's largest utility, Eversource Energy, which is dual headquartered in Hartford and Boston. He began his position at the helm of Eversource in April 2021, previously serving as executive vice president of strategy and customer, and before that, as exec- utive vice president of customer and corporate relations. The publicly traded company provides electric service to customers in Connecticut, New Hampshire and western Massachu- setts. Eversource also distributes natural gas throughout Connecticut through an affiliate, Yankee Gas. A few years ago, Eversource made a big bet on wind energy, but recently the utility announced it's divesting its 50% ownership stake in three offshore wind projects in New York and Connecticut, which have been hampered by major supply chain disruptions and inflationary challenges. Eversource reported a fourth- quarter loss of $1.2 billion, driven by a $1.6 billion impairment charge related to the sale of its offshore wind holdings. Meantime, Nolan recently made headlines when he announced plans to seek a potential buyer for the company's water business, which Eversource has been bullish on since its 2017, $1.7 billion purchase of Bridgeport-based Aquarion Water Co. Aquarion is the seventh-largest water company in the United States, but it has been in a rate case fight with the state Public Utilities Regulatory Authority since last March. That's when the utilities regulator not only rejected a $36 million rate increase request by Aquarion, but decreased the company's annual revenue requirement by $2 million from the current level — about a 1% reduction. Aquarion appealed PURA's deci- sion in New Britain Superior Court, and a temporary stay was granted. In announcing a potential sale of its water business, Eversource said part of the goal is to "improve regulatory diversity." 7 Arunan Arulampalam A relative newcomer, Hartford Mayor Arunan Arulampalam beat out political veterans last year to claim leadership of the city. Inaugurated Jan. 1, the charis- matic and young – age 38 – chief executive has brought together a broad coalition of powerful supporters to help him chart a course for his first term. House Speaker Matthew Ritter (D-Hart- ford); Andrea Comer, chief of staff to the state treasurer; and Hartford Foundation President Jay Williams led Arulampalam's transition team before he took office, succeeding former Mayor Luke Bronin. Arulampalam is working to accelerate hard-fought develop- ment momentum following devas- tating economic blows caused by the COVID-19 pandemic. He wants to fill empty store- fronts downtown with new retail and entertainment options, an effort being aided by the popular Hart Lift grant program, and shepherd along major multifamily apartment projects, including many started by his predecessor. He also wants to spread new development beyond the city center. Arulampalam began his admin- istration with the appointment of new economic development staff, and the creation of a new small business liaison office. Arulam- palam said he aims to make Hart- ford the easiest city in the state in which to conduct business. He said he also plans to better coordinate the city's economic development, land use review and inspections staff around a common goal of easing customer access and service. "One thing I heard pretty consistently from businesses while I was running for office was, even though there was a pro-business administration at City Hall, often- times it was difficult to get things done at development services," said Arulampalam, adding it's his goal to change that. It would also help Eversource raise $1.3 billion in much-needed cash, Nolan said. Nolan earned his undergraduate communications degree and MBA at Boston College. He started his career running a customer service center for the former Boston Edison Co., a small utility operator.

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