After 18 months of federal and state review, Northeast Utilities has completed a $5-billion purchase of Boston-based NStar. The deal makes PSNH’s parent company the largest utility in New England.
During a conference call, CEO Tom May said the acquisition would help his company pursue the Northern Pass project.
"The new NU will, because of the financial strength of the combined companies, actually have credit rating upgrades, which should make it a lot easier to finance this project," said May.
The Northern Pass plan calls for the creation of expensive--and controversial--transmission lines that would bring hydro-electric power from Canada.
The combined company will have 3.5-million customers throughout Connecticut, Massachusetts and New Hampshire.