How NStar, Northeast Utilities Merger Can Help You

BOSTON (CBS) - The Patrick administration has approved the proposed merger between NStar and Northeast Utilities on the huge condition that the merged entity buy more than a quarter of the power that Cape Wind is expected to generate.

The deal is a win for NStar customers, because it calls for rates to be frozen through 2015 and customers will also get a rebate through the deal in the form of a one time payment in their bills.

That one time rate credit will probably be around $15 per customer.

It's a big win for Gov. Patrick who has been pushing for the state to use more clean energy sources.

But the two utilities hadn't been eager to buy wind power because its typically more expensive than traditional forms of power.

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Lisa van der Pool of the Boston Business Journal can be seen weekdays at 6 a.m. on WBZ-TV.

You can follow Lisa on Twitter at @lvanderpool.