PPL Corp. (PPL) Receives Approval from FERC to Acquire The Narragansett Electric Company
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PPL Corporation (NYSE: PPL) today received unanimous approval from the Federal Energy Regulatory Commission to acquire The Narragansett Electric Company from National Grid USA.
To date, PPL and National Grid have partnered to achieve four of the five regulatory approvals required for the transaction to proceed. PPL remains focused on securing the final approval, which is required from the Rhode Island Division of Public Utilities and Carriers, and continues to expect that the transaction will be completed by March 2022.
"We're pleased with FERC's decision, which puts us one step closer to concluding an acquisition we believe will drive significant value for Rhode Island families and businesses and strengthen PPL," said Vincent Sorgi, PPL president and chief executive officer.
"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," said Sorgi. "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."
As the company makes progress in securing regulatory approvals, it continues to coordinate closely with National Grid on planning to ensure a seamless transition for Narragansett employees and customers upon regulatory approval and closing of the transaction.
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