There has been a deal reached between the Commonwealth of Massachusetts and National Grid that could move the long stalled Narragansett Electric Company sale to PPL Group--to be completed. The agreement is no guarantee however.
Massachusetts had challenged the deal because it would have cost rate payers millions,
Under the terms of the deal the settlement will provide tens of millions of dollars in utility debt relief for Massachusetts customers. Under the Rhode Island original sale agreement Massachusetts would have incurred 30 million dollars in extra costs on electric bills.
“Massachusetts families should not be forced to shoulder millions of dollars in extra costs for their utility services from this sale,” AG Healey said. “We are pleased to have secured a resolution that not only protects customers from higher rates but provides additional benefits during a time of need.”
The agreement requires National Grid to either mitigate or absorb a total of 29 million dollars in additional costs from the sale. If they weren’t absorbed- rate payers in Massachusetts would have been on the hook for the money.
The agreement from Massachusetts is only part of the deal. The Rhode Island Attorney General is also challenging the sale.
(Photo Credit: John Baibak, NewsradioRI,com)