The Federal Energy Regulatory Commission recently provided Allentown-based PPL Corp. unanimous approval to purchase The Narragansett Electric Co., a Rhode Island utility, from National Grid USA.
One additional regulatory approval, out of five, remains. The Rhode Island Division of Public Utilities and Carriers requires all five approvals for the transaction to proceed.
“As we await final approval, we look forward to partnering with Narragansett Electric’s talented team to deliver energy safely, reliably and affordably to Rhode Island customers,” Vincent Sorgi, PPL president and CEO, said. “We’re excited about the opportunity this acquisition presents for PPL to build one of the nation’s most advanced grids, one that enables clean energy and supports the state’s ambitious decarbonization goals. And we look forward to partnering with local leaders to help strengthen Rhode Island communities.”
PPL is coordinating closely with National Grid to ensure a seamless transition for Narragansett employees and customers once regulatory approval is received and the deal closes. The transaction is expected to be completed by March.
Completion of the deal will strengthen PPL and provide significant value for Rhode Island families and businesses, Sorgi said.
PPL Corp. has more than 2.5 million customers in the United States. It provides electricity and natural gas.