USA: Connecticut’s Consumer Counsel Supports NU-NStar Deal
Connecticut’s consumer counsel is supporting the proposed merger of Nstar with Connecticut-based Northeast Utilities for USD 4.9 Billion, according to The Associated Press.
NU agreed to many demands, those being USD 25 million rate credit for customers, a separate rate freeze on distribution costs and few others voiced by Connecticut in exchange for the approval.
Regulators in Massachusetts also proposed a merger of Nstar with Connecticut-based Northeast Utilities. Nstar will buy 27.5% of electricity from the offshore wind project Cape Wind.
If this offshore wind farm does not start spinning by 2016, Nstar will not have to buy electricity from Cape Wind, but it will need to find equal amount of clean energy from some other sources.
Offshore Nieuws Staff, March 26, 2012; Image: Nstar