Fortis Nears $1.5B NY Utility Buy As State Scraps Hearings

Law360, New York (January 16, 2013, 4:04 PM EST) -- Canadian power giant Fortis Inc. drew closer Tuesday to sealing its $1.5 billion purchase of electricity provider Central Hudson Gas & Electric Corp. after New York regulators canceled hearings over how much money from the deal should flow back to ratepayers.

The cancelation of hearings before the New York State Public Service Commission scheduled for Jan. 22 suggested the sides were confident they could reach a negotiated settlement, likely within the next few weeks, according to a person familiar with the negotiations who cautioned there are...
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