Now that a clean-up of English Station is part of the deal — among other improvements — state Attorney General George Jepsen reported being “pleased” that a proposed sale of United Illuminating has received its first thumbs-up from state regulators.
That thumbs-up came in the form of an initial draft decision by the state Public Utilities Regulatory Authority (PURA) approving the $3 billion cquisition by Spanish-based Iberdrola SA of UI’s holding company. A final PURA decision is expected by Dec. 9.
The city and Jepsen had previously objected to the acquisition, in part because it wouldn’t cover a clean-up of the polluted former UI plant, English Station, in the Quinnipiac River off Grand Avenue in Fair Haven. Read here about how Jepsen (pictured above) negotiated to win a clean-up as part of the proposed deal.
“While my staff is currently reviewing the draft decision, I’m pleased that PURA has given its initial approval to this transaction. The revised application provided for a number of ratepayer protections, including guarantees that local management control will be maintained and the local utilities will be ‘ringed off’ from financial risks flowing from the parent companies. In addition, the companies committed to substantial short and long-term benefits, including ratepayer credits and customer service improvement, that PURA will have the ability to monitor and enforce, ensuring that the company operates responsibly and in the public interest,” Jepsen stated in a press release Tuesday.
“Taken together, these commitments and protections, along with other economic and community development benefits, convinced me that this transaction was worth supporting. I am particularly gratified that this approval paves the way for expediting remediation of the polluted English Station site in New Haven under a consent order negotiated by my office, working with Governor Malloy and the state Department of Energy and Environmental Protection.”