PURA Set To Approve NU-NSTAR Merger; Esty comments

Mar 26th, 2012 | By | Category: General

State utility regulators backed the Northeast Utilities-NSTAR merger in a preliminary decision Monday as expected, making it more likely the companies will meet a mid-April goal of closing the merger.

The Connecticut Public Utilities Regulatory Authority endorsed the merger in a draft decision, following the announcement earlier this month that the two utilities had agreed to a package of concessions after negotiating with Gov. Dannel P. Malloy, Attorney General George Jepsen and Consumer Counsel Elin Swanson Katz.

A final decision from PURA is due April 2.

For more on this story, visit: PURA Set To Approve NU-NSTAR Merger – Courant.com.

DEEP Commissioner Daniel C. Esty today issued the following statement concerning the PURA Draft Decision on the Proposed NU/NSTAR Merger:

“PURA’s action today moves us one step closer to putting in place a settlement agreement that builds on Governor Malloy’s energy agenda of bringing cheaper, cleaner and more reliable power to our state.”

“The draft decision endorses a settlement agreement that will bring relief to Connecticut’s ratepayers, provide funding for energy efficiency and renewable energy programs, and guarantee investments in strengthening the ability of our electric grid to withstand severe storms in the future.  It also brings numerous other benefits to our state, such as preserving open space land, and assuring the continued corporate presence of Northeast Utilities in our community.”

“If PURA’s final decision follows the position outlined in this draft, it will ensure that Connecticut and its rate payers receive their fare share of the benefits of this merger, that our state will continue moving toward to a more secure energy future, and that we will be better prepared to compete economically.”

“Attorney General George Jepsen, Consumer Counsel Elin Katz and Governor Malloy deserve much praise for their efforts in putting a proposed settlement agreement in place and bringing it to PURA for approval.”

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