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Following energy issues in the state of Connecticut and beyond.

Wednesday, February 15, 2012

One Down, One To Go For NU Merger?

The Boston Globe is reporting that utility regulators in Massachusetts have given their approval to the proposed merger between Northeast Utilities and Boston-based NStar.

Approval of the deal comes the day after Connecticut utility regulators began their review of the deal.

Update: Turns out there was a little more than there initially appeared to be with this story. What Massachusetts regulators approved, according to the Associated Press, was a deal that is expected to clear  the way for Massachusetts regulators’ approval of a merger between the two utility giants.

The deal announced by Massachusetts Secretary of Environmental Affairs Richard Sullivan, according to the AP, calls for a four-year freeze on base distribution rates, a one-time $21 million credit for ratepayers and a promise that the merger would protect jobs for Massachusetts utility workers. It also calls for the merged companies to buy 27.5 percent of the electricity produced by the Cape Wind project, which will produce 420 megawatts of power when it is built in Nantucket Sound.

The deal still must be approved by regulators in both Massachusetts and Connecticut.

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