Overdue.
"State seeks delay in utility merger; Months-long review could stall NStar deal" by Erin Ailworth, Globe Staff / July 18, 2011
The Patrick administration is seeking to delay approval of the merger between Boston’s NStar and Connecticut-based Northeast Utilities until at least next year - a move that, if successful, could unravel the deal to create one of the nation’s largest utility companies....
Caroline Allen, an NStar spokeswoman, said yesterday that such a “substantial delay’’ could ultimately jeopardize the deal.
“It’s unfortunate because this seems inconsistent with the Patrick administration’s desire to improve the business climate in the Commonwealth,’’ Allen said in a statement. “Here are two Massachusetts companies, coming together to form a Fortune 250 company, keep jobs local, and result in $784 million in customer savings over 10 years.’’
Mark Sylvia, commissioner of the state Department of Energy Resources, said, “We’re not attempting to kill any deal. What we’re trying to do is our job and our due diligence.’’
That would be a first.
The state, he said, simply needs more information about NStar’s rate structure so it can best protect consumers as the merger goes forward....
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Related: NStar deal needs full review, not rubber stamp, from state
NStar warns delay could end deal
