PPL Corp. gets approval from Rhode Island state regulators for acquisition of Narragansett Electric
PPL Corporation received approval from the Rhode Island Division of Public Utilities and Carriers to acquire the Narragansett Electric Co. from National Grid USA.
Based in Allentown, Pa., PPL expects to complete the acquisition in March. The deal is valued at $5.2 billion.
“We’re pleased with today’s decision, which follows a comprehensive public review process, and we’re excited about the opportunity to serve Rhode Island families and businesses,” PPL President and CEO Vincent Sorgi said.
Through the acquisition, PPL is committed to building one of the nation’s most advanced energy grids in Rhode Island, one that strengthens reliability, enables clean energy, and supports the state’s decarbonization goals. Further, it is committed to partnering with local leaders to strengthen Rhode Island communities. PPL officials said the company plans to maintain a strong leadership presence in the state.
“PPL has a long history of delivering safe, reliable, affordable energy and award-winning customer satisfaction in the regions it serves,” Sorgi said. “And as we proceed to close this transaction, we look forward to welcoming Narragansett’s talented team into our PPL family and to working together to deliver outstanding results for Rhode Islanders.”
PPL Corp. provides electricity and natural gas to 2.5 million customers in the United States.
