Rhode Island, PPL Deal Clears Way For $5.3B Utility Buy

By Morgan Conley (May 23, 2022, 7:43 PM EDT) -- The Rhode Island Attorney General's Office said Monday it agreed to drop its challenge of PPL Corp.'s $5.3 billion acquisition of the largest utility in the state as part of a deal that saves ratepayers $200 million and requires substantial funds and resources to be committed toward environmental initiatives.

The agreement clears the way for PPL's $5.3 billion acquisition of The Narragansett Electric Co. from National Grid USA "to close promptly," PPL said in its own statement Monday.

The acquisition originally announced in March 2021 received the green light from the Rhode Island Division of Public Utilities and Carriers in February,...

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