NSTAR-Northeast Utilities Merger Set To Close
The state Department of Public Utilities has approved the merger between Northeast Utilities and NSTAR, and the deal is now set to close next week.
NSTAR is based in Boston and is the utility company for much of MetroWest.
The DPU approval comes after the companies reached agreements with the state Department of Energy Resources and the Attorney General's office on customer and environmental benefits. The companies agreed to a one-time, $21 million rate credit and a freeze on base distribution rates until 2016 for NSTAR and Western Massachusetts Electric Co. customers. They also agreed to the purchase of renewable energy, including buying from the controversial Cape Wind project.
The merger has already received approval from authorities in Connecticut, where Northeast Utilities is based, and from federal regulators.
Once the deal is complete, the companies will maintain dual headquarters in Hartford, Conn. and Boston and will merge the boards of trustees and leadership teams of the two companies.
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