Following 18 months of federal and state review, Northeast Utilities closed Tuesday on its $5 billion purchase of NStar, creating the biggest utility in New England.
The Massachusetts Department of Public Utilities OK’d the purchase of NStar two days after approval by Connecticut regulators.
Gov. Deval Patrick’s administration says Northeast Utilities and NStar have agreed to purchase power from Cape Wind as a condition of a proposed merger of the utilities.
The proposed merger of NStar and Northeast Utilities in Massachusetts has been stuck for months now, but it could happen.
The nation’s first offshore wind farm enjoys high-profile federal and state backing, but it hasn’t been able to win over one important party: the second-largest utility in Massachusetts.
Northeast Utilities and NStar have told regulators that the delay is based on factual errors and will harm consumers.
Northeast Utilities is buying NStar for about $4 billion in stock.
Northeast Utilities will buy New England energy company Nstar in a stock-for-stock deal valued at $4.17 billion, forming one of the biggest utility companies in the country.