NStar-Northeast Merger Is Official
Northeast Utilities and NStar have completed their merger, creating one of the nation's largest utilities serving 3.5 million customers in three states, including much of the MetroWest region, the companies announced today.
The new company will be called Northeast Utilities, with Massachusetts-based NStar becoming a subsidiary. Thomas J. May, the president, CEO and chairman of NStar, becomes president and CEO of Northeast Utilities. The company will have dual headquarters in Boston and Hartford, Conn.
The merger passed its final hurdle last week when the Massachusetts Department of Public Utilities approved the deal. That came 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.
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