A surprise announcement from a Rhode Island Superior Court Judge.
A stay of the sale of National Grid’s electric and natural gas operations in the state to the PPL Group in Pennsylvania. It is a three point eight billion dollar deal.
The Judge says that the courts fully understand the importance of the deal not only to the consumer but the company.
So Judge Brian Stearn, in a decision announced late Friday will allow the State Attorney General Peter Neronha to make his case.
The Rhode Island Attorney General is not only suggesting that the deal is not in the best interest of the consumer, but he is also questioning whether proper procedures were used by the state to approve the original deal.
In a statement from the Attorney General’s office says that the A-G is grateful for the judge’s stay.
National Grid says it is disappointed but are still confident that the deal will go through.
The case will now go before Judge Stearn for oral arguments April 12.
(Photo by Justin Sullivan/Getty Images)
Photo: Getty Images