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Wednesday, April 11, 2012

PSNH parent, Northeast Utilities, buys NStar for $5 billion

HARTFORD, Conn. – After 18 months of federal and state review, Northeast Utilities, the parent company of PSNH, has finished a $5 billion purchase of NStar, creating the biggest utility in New England.

The companies announced Tuesday morning that the purchase closed.

The newly combined company operates six electric and natural gas utilities serving 3.5 million customers in Connecticut, Massachusetts and New Hampshire, including PSNH.

PSNH says its customers will notice no difference, although the companies have said that the merger will let them contain costs over time.

The firm will continue to be called Northeast Utilities.

Boston-based NStar will be a Northeast Utilities subsidiary.

Dual headquarters of the company, which employs 9,000 workers, will operate in Hartford and Boston.

The utilities said that based on results of 2011, the newly formed company is expected to post annual operating revenue of $7.4 billion.

To win approval, Northeast Utilities and NStar agreed to state regulators’ demands for rate cuts and alternative energy purchases.