PPL Corporation receives approval from Rhode Island Division of Public Utilities and Carriers to acquire The Narragansett Electric Company
PPL Corporation (NYSE: PPL) has received approval from the Rhode Island Division of Public Utilities to acquire The Narragansett Electric Company from National Grid USA. This decision comes after a thorough public review process, with PPL expressing excitement about serving Rhode Island families and businesses. The company plans to invest in the state's energy grid, aiming to enhance reliability, support decarbonization goals, and strengthen leadership in the community. The acquisition is expected to close in March 2022.
- Approval received for acquisition from Rhode Island Division of Public Utilities.
- Investment commitment in Rhode Island for advanced energy grid.
- Focus on enhancing reliability and clean energy support.
- None.
ALLENTOWN, Pa., Feb. 23, 2022 /PRNewswire/ -- PPL Corporation (NYSE: PPL) today received approval from the Rhode Island Division of Public Utilities and Carriers to acquire The Narragansett Electric Company from National Grid USA.
"We're pleased with today's decision, which follows a comprehensive public review process, and we're excited about the opportunity to serve Rhode Island families and businesses," said PPL President and Chief Executive Officer Vincent Sorgi.
"PPL has a long history of delivering safe, reliable, affordable energy and award-winning customer satisfaction in the regions it serves," said Sorgi. "And as we proceed to close this transaction, we look forward to welcoming Narragansett's talented team into our PPL family and to working together to deliver outstanding results for Rhode Islanders."
PPL said it is committed to investing in the state's future and building one of the nation's most advanced energy grids in Rhode Island, one that strengthens reliability, enables clean energy and supports the state's decarbonization goals. In addition, the company said it will maintain a strong leadership presence in the state and is committed to partnering with local leaders to strengthen Rhode Island communities.
PPL said it expects to complete the acquisition in March and will announce the completion upon close.
About PPL
PPL Corporation (NYSE:PPL), based in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to 2.5 million customers in the U.S. PPL's high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news about PPL Corporation.
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SOURCE PPL Corporation
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