HARTFORD, Conn. (AP) – Connecticut regulators say they won’t approve Northeast Utilities’ proposed multibillion-dollar purchase of Massachusetts electric company NStar unless the companies show the deal would be in the “public interest.”
The state Public Utilities Regulatory Authority issued a one-page decision Wednesday reaffirming the “public interest” standard it has used in previous cases. Connecticut’s attorney general and consumer counsel had asked for the ruling.
The authority announced last month that it will review the proposed $4.7 billion purchase, reversing a previous stance against getting involved.
NU and NStar announced the deal in October 2010. If approved, it would create New England’s largest utility company serving 3.5 million electric and gas customers in Connecticut, Massachusetts and New Hampshire.
(Copyright 2012 by The Associated Press. All Rights Reserved.)