PROVIDENCE, R.I. (AP) - The Narragansett Electric Company, which serves electric and natural gas customers in Rhode Island, has been sold to Pennsylvania-based PPL Corp. for $5.3 billion, Narragansett’s parent company, National Grid, announced Thursday.
Narragansett Electric has about 780,000 customers in Rhode Island, according to a National Grid statement.
PPL, based in Allentown, Pennsylvania, provides utility services in Pennsylvania, Kentucky, Virginia and the United Kingdom.
The deal must be approved by regulators and National Grid shareholders.
“The majority of Narragansett Electric’s employees will remain with Narragansett Electric as the company transfers ownership to PPL,” including those represented by several unions, National Grid said.
“We expect to leverage our proven track record of operational excellence, award-winning customer service, strong reliability and cost efficiency to continue to improve service and deliver energy safely, reliably and affordably to Rhode Island families and businesses,” Vincent Sorgi, PPL president and CEO said in a statement.
The purchase is part of larger deal in which National Grid is buying the United Kingdom’s largest electricity distribution business, Western Power Distribution, from PPL.
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