NU-NStar Merger May Get Another Look
HARTFORD, Conn. (AP) – Connecticut regulators have yielded to the state’s top consumer advocate and dropped a hands-off stance to Northeast Utilities’ proposed $4.72 billion purchase of a Massachusetts power company.
The Public Utilities Regulatory Authority said Wednesday that the Office of Consumer Counsel raised new issues last month related to the revamped executive leadership of the merger with NStar, which is in Boston. It will consider whether its June 1 decision to not review the deal should be reversed or altered
The consumer advocate said NStar would claim half of the board positions and half of the senior executives and could control Connecticut-based NU subsidiaries Yankee Gas and Connecticut Light & Power.
NU spokesman Al Lara said the utility will remain in Connecticut, with headquarters also in Boston. He called it a blend of the two companies.
(Copyright 2012 by The Associated Press. All Rights Reserved.)