PPL Corporation has received approval from the Rhode Island Utilities and Carriers Division to acquire Narragansett Electric Co. from National Grid USA.
Allentown, Pa.-based PPL expects to complete the acquisition in March. The transaction is valued at $5.2 billion.
“We are thrilled with today’s decision, which follows a full public review process, and we are excited about the opportunity to serve families and businesses in Rhode Island,” said the President and CEO of PPL, Vincent Sorgi.
With this acquisition, PPL is committed to building one of the nation’s most advanced energy networks in Rhode Island, one that builds reliability, enables clean energy and supports the state’s decarbonization goals. Additionally, he is committed to partnering with local leaders to strengthen Rhode Island communities. PPL officials said the company plans to maintain a strong leadership presence in the state.
“PPL has a long history of providing safe, reliable and affordable energy and award-winning customer satisfaction in the regions it serves,” Sorgi said. “And as we proceed to close this transaction, we look forward to welcoming the talented Narragansett team to our PPL family and working together to deliver exceptional results for the Rhode Islanders.”
PPL Corp. supplies electricity and natural gas to 2.5 million customers in the United States.