Attorney General Martha Coakley negotiates merger deal with NSTAR

Agreement includes rate freeze

Immediate savings of $217,000,000 for ratepayers

By Matt Nadler, Editor, Plymouth Daily News.

NSTAR customers will receive approximately $217 million in savings through a settlement agreement negotiated by Attorney General Martha Coakley’s Office with NSTAR and Northeast Utilities.


The word on the street is that Martha Coakley is preparing to run for governor when Deval Patrick's term ends in 2014.
The company serves Carver, Duxbury, Kingston, Plymouth, Plympton and Wareham. On Cape Cod the company serves Barnstable, Bourne, Brewster, Chatham, Dennis. Eastham, Falmouth, Harwich, Mashpee, Orleans, Provincetown, Sandwich, Truro, Wellfleet and Yarmouth.

The agreement was reached as a condition for approval of a merger between the two companies.

The agreement includes a four-year distribution rate freeze, an immediate $21 million merger savings credit to customers and protection for customers from inappropriate merger costs such as “golden parachutes” and executive retention payments

The Department of Energy Resources also signed on to the agreement. The has an agreement requiring NSTAR to execute a 15-year power contract with the Cape Wind Project as a condition of the merger.

The proposed agreement now goes before the Department of Public Utilities.

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