A report commissioned by Northeast Utilities says subsidiary Connecticut Light & Power did not fully recognize the risks of the weather forecast about 36 hours before a destructive October snow storm and failed to aggressively pursue help from other utilities.
Weeks after claiming oversight over Northeast Utilities’ proposed $4.6 billion purchase of NStar, the state’s regulatory authority says the utilities must demonstrate that the deal is in the public interest.
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 Connecticut Public Utilities Regulatory Authority has ruled that it will review the proposed merger of Northeast Utilities and Massachusetts-based NSTAR.
Northeast Utilities says its chief executive officer is recovering following an unspecified heart-related incident and three executives are temporarily running the company.
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.
Northeast Utilities says Jeffrey Butler has resigned as president and chief operating officer of Connecticut Light & Power, which has come under fire for its handling of power outages after last month’s snowstorm.
A rare October snow storm that caused record-breaking power outages could lead to increased electricity costs in Connecticut, where residents who endured days in the dark and cold already pay higher rates than any other state in the continental United States.
The parent company of Connecticut’s largest electric utility is offering $10 million to establish a fund to help residential customers who experienced losses because of a rare October snowstorm.
Massachusetts Attorney General Martha Coakley has asked state utility regulators to either impose a five-year rate freeze or credit electricity and natural gas customers more than $300 million in estimated savings as a condition of approving the proposed merger of NStar and Northeast Utilities.