Flat water usage, higher property taxes hit Pennichuck income

NASHUA – Less water usage, due partly to conservation, and more property taxes, due partly to changes in law, has led Pennichuck Corp. to expect a drop in income next year. The board of directors approved a $39.4 million budget for 2013 last month that anticipates a $1.1 million drop in net operating income. Those figures will be part of the company’s pitch to the state Public Utilities Commission in the summer when it goes before commissioners for new water rates. While no figures have been developed yet, Pennichuck argues that any rate requests would have been greater had it still been a traditional, privately held company. There are big reasons for this change, the company said.