Agreement includes rate freeze
Immediate savings of $217,000,000 for ratepayers
By Matt Nadler, Editor, Plymouth Daily News.
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.