The Massachusetts Supreme Court is stepping into the proposed sale of National Grid’s Narragansett Electric Company to the Pennsylvania based PPL Corporation.
The SJC stepped in after Massachusetts Attorney General Maura Healey filed a for a stay in Massachusetts saying that the sale would unnecessarily increase rates for consumers.
Rhode Island Attorney General Peter Neronha filed for a similar stay in Superior Court. A hearing was abruptly cancelled because of the Massachusetts Supreme Court ruling.
The High Court ruling means the 3 point 88 billion dollar cannot go forward until at least May.
In a statement from PPL, officials say---
“We remain confident the court will find that the Massachusetts Department of Public Utilities correctly issued the waiver and that the transaction can move forward. In the meantime, we continue to plan for a successful outcome and completion of the Narragansett acquisition. We will be prepared to close quickly with National Grid at the appropriate time. And we’re excited about the opportunity to invest in Rhode Island’s future and to work with the talented team at Narragansett Electric to drive significant value for Rhode Island families, businesses and communities.
We do not intend to comment further on the appeal at this time.”
The Massachusetts Supreme Court is likely to hear the next phase of the case in May.
Although PPL is seeking (essentially) buy the Rhode Island National Grid operation, the Massachusetts Department of Utilities must issue a waiver. They did and that was appealed.
(Photo by Justin Sullivan/Getty Images)
Photo: Getty Images