PPL files papers to buy Narragansett Electric from National Grid
PPL Corp. is looking to acquire The Narragansett Electric Company from National Grid USA.
The companies both submitted filings this week with the Rhode Island Division of Public Utilities and Carriers. The request follows PPL’s announcement in March that it had planned to acquire Narragansett Electric after it sold its U.K. utility business to National Grid.
“As we strategically reposition PPL as a U.S.-focused energy company, we see Narragansett Electric as a great fit for PPL,” PPL President and CEO Vincent Sorgi said. “We believe we are well-positioned to continue to drive significant value for Rhode Island families and businesses and to advance the state’s ambitious goal to achieve net-zero carbon emissions by 2050. We look forward to partnering with the talented and dedicated team at Narragansett Electric to deliver energy safely, reliably, and affordably for those we serve.”
PPL intends to leverage its experience to build one of the most advanced energy grids in Rhode Island while supporting the state’s decarbonization goals. Also, PPL intends to bring its strong safety culture and natural gas strategy to bear in Rhode Island. Further, the company is committed to investing in infrastructure improvements that benefit customers and drive economic growth.
Narragansett Electric will have a Rhode Island-based president, as well as a Rhode Island-based vice president of gas operations. PPL has already established a Rhode Island transition team and is coordinating with National Grid on transition planning.
“I have met with Rhode Island employees and have been impressed with their commitment to their work and the communities they serve,” Gregory Dudkin, PPL executive vice president and chief operating officer, said. “Together, we intend to ensure a smooth transition in operations upon closing of the transaction so that we don’t miss a beat in providing safe, reliable, and affordable service to Rhode Island customers. Beyond closing, PPL expects to deliver the kind of operational excellence for Rhode Island that has been a hallmark of our company for 100 years.”
