PPL Corporation announced Wednesday it has completed its acquisition of The Narragansett Electric Company from National Grid for approximately $3.8 billion, net of purchase price adjustments, …
PPL Corporation announced Wednesday it has completed its acquisition of The Narragansett Electric Company from National Grid for approximately $3.8 billion, net of purchase price adjustments, following receipt of all necessary approvals.
The Narragansett Electric Company, Rhode Island's primary electric and gas utility, will now be known as "Rhode Island Energy," reflecting both the company's commitment to Rhode Island and its pursuit of a cleaner energy future in line with the state's renewable energy and net-zero goals, according to a PPL release.
"We are pleased to welcome the Rhode Island Energy team into the PPL family of companies, and we consider it an absolute privilege to serve the energy needs of Rhode Islanders," said Vincent Sorgi, PPL president and chief executive officer.
"Since announcing the acquisition in March 2021, we have been working closely with key stakeholders and National Grid in an effort to facilitate a smooth transition of services and to strengthen our understanding of the needs of customers in these communities," said Sorgi. "We are excited to bring to Rhode Island our proven operating model, which emphasizes innovation, customer service and reliability."
Rhode Island Energy will continue to deliver the safe and reliable service that customers expect, and the acquisition includes a two-year transition services agreement with National Grid to provide continuity of operations as Rhode Island Energy transitions to PPL systems and processes.
PPL said the company will be led by a Rhode Island-based president and a strong local leadership team, with more than 1,100 Rhode Island employees. PPL will be establishing a control center in Rhode Island for the state's electric and gas operations, as well as a new customer call center.
"No job we do will be more important than delivering for our Rhode Island customers, and we're pleased to have an experienced team comprised of PPL and former National Grid employees that is committed to providing exceptional service," said Dave Bonenberger, president of Rhode Island Energy.
"The PPL name may be new here in Rhode Island, but our companies have been providing essential energy services to customers in Pennsylvania and Kentucky for over 100 years," Bonenberger said.
Rhode Island customers are encouraged to learn more by visiting www.rienergy.com/hi.
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