A hearing is being held on Friday in New Britain on Northeast Utilities' pending purchase of Boston-based NStar.
Northeast Utilities will acquire the Massachusetts energy company for $4.9 billion.
The deal provides at least $120 million in benefits in rate relief to Connecticut, including $25 million in uniform rate credits to residential, commercial and industrial customers of NU's subsidiary, Connecticut Light & Power, according to Gov. Dannel Malloy. The credits would be applied in the first billing cycle after the merger is completed.
Consumer Counsel Elin Swanson Katz spoke during the hearing and asked the authority to approve the deal.
“Through the settlement, we obtained $25 million in real dollars for the ratepayers and for important energy programs. We froze rates. We preserved jobs. We obtained investment in infrastructure. We maintained open space. We addressed storm response,” she said. “And we kept NU in the state as a meaningful, important company. There won’t be empty buildings, but significant and essential functions and jobs.”
The agreement will also include a rate freeze through Dec. 1, 2014.
Connecticut is also requesting $300 million for improvements and has made other demands.
Local
The hearing is to be held at the offices of Public Regulatory Authority.
The agreement must be approved by the Connecticut Public Utilities Regulatory Authority. The two utilities have requested the agency's approval by April 2.
