United Illuminating Gets Official Approval To Acquire Two Natural Gas Companies

United Illuminating has received final regulatory approval to go ahead with its acquisition of two natural gas utilities. The huge deal will almost double the size of the company. WNPR’s Harriet Jones reports.

The state Department of Public Utility Control gave its final decision on the $885 million deal Wednesday, clearing the way for the acquisition to go ahead. The CEO of UIL, James Torgerson says he wants the deal to close within the next few days. UIL will acquire Connecticut Natural Gas and Southern Connecticut Gas, along with Massachusetts based Berkshire Gas, all currently owned by Spanish energy giant Iberdrola.

The DPUC final decision imposes 27 conditions on UIL including detailed reporting about the financial aspects of the deal. But some watchdogs, including attorney general Richard Blumenthal say the regulators didn’t go far enough. He wanted explicit assurances from UIL that both gas and electric customers in Connecticut will not see their rates rise as a result of the deal.

For WNPR, I'm Harriet Jones.