PPL completes purchase of Narragansett Electric | Regional News Leahy Valley
PPL Corp. completed Narragansett Electric’s $ 3.8 billion acquisition of National Grid, the company’s second step toward focusing on U.S. operations.
A utility company from Allentown said the final purchase price minus the adjustments.
The company said Monday that an agreement with the Rhode Island Attorney General on PPL rates and commitment to environmental goals cleared the way for the deal.
Narragansett Electric is a major supplier of electricity and gas to Rhode Island, with around 780,000 customers. PPL bought it from National Grid, a British utility company. Narragansett Electric will be renamed Rhode Island Energy, the name, according to PPL, reflects the business commitment of the state and Rhode Island’s renewable energy goals.
“We are pleased to welcome the Rhode Island Energy team to the PPL family of companies,” said Vincent Sorgi, CEO and President of PPL, in a statement.
“Since announcing the acquisition in March 2021, we have been working closely with key stakeholders and the National Grid to promote a smooth transition of services and strengthen understanding of customer needs in these communities,” he said.
The agreement includes a two-year transition services agreement with National Grid to ensure service continuity as Rhode Island Energy transitions to PPL systems. The Rhode Island division will have more than 1,100 employees in the state.
The acquisition completes the second of two transactions announced in March 2021 to abandon international business and focus on the US. In June 2021, PPL completed the sale of its British utility business National Grid.
PPL will provide more information on its strategy and financial projections, including Rhode Island Energy’s operations during the Investor’s Virtual Day on a date to be announced.