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Verizon 'Shocked and Troubled' by New Hampshire PUC Decision on Cost of Capital

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CONCORD, N.H. - The New Hampshire Public Utilities Commission has established a new cost of capital that is among the lowest for any telecommunications company in the country. This unfairly low rate will weaken Verizon in the state and threaten its ability to continue to provide top quality service, investment and employment in New Hampshire. It also destroys any incentive for competing companies to invest in the state. The following is Verizon's response to the ruling:

"We are shocked and deeply troubled by the commission's decision. Every resident and business in New Hampshire could be affected by this ruling. What is at stake are investment and jobs - not only by Verizon, but by its competitors. By discouraging investment, this decision will deter construction of competitive networks in our state.

"The commission has badly missed the mark. It has failed to recognize the realities of New Hampshire's highly competitive marketplace for telecommunications services. Its order ignores the fundamental business principles that drive investment.

"The commission ignored recent key decisions by the Federal Communications Commission and other states.

"The world of telecommunications has changed forever in New Hampshire as it has elsewhere. Regulation should reflect, not ignore these new realities. Regulation should invigorate, not eviscerate investment in innovative technologies that provide new services, more jobs and more growth for our state's economy. This decision falls far short of those goals."