© 2023
Play Live Radio
Next Up:
Available On Air Stations

Connecticut Regulators: Preliminary OK to Utility Deal

Connecticut utility regulators have given preliminary approval to a settlement with the state that would help clear the way for Northeast Utilities to purchase Massachusetts energy company NStar for $4.9 billion.  WAMC's Tristan O'Neill reports...

The Connecticut Public Utilities Regulatory Authority said Monday it believes the deal is good for ratepayers. It expects to give final approval next week after allowing the parties time to raise any final issues.

Northeast Utilities has agreed to a $25 million rate credit for about 1.2 million customers of its subsidiary Connecticut Light and Power, the state's largest utility. The agreement also includes a separate rate freeze on distribution costs, $300 million for system improvements and other demands by Connecticut in exchange for state approval.

Massachusetts regulators also are considering Connecticut-based NU's proposed purchase of Boston-based NStar.

Tristan O'Neill, WAMC News. 

Copyright 2012 The Associated Press.  All Rights Reserved.