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Article: PSC GIVES GREEN LIGHT TO NIMO MERGER; REGULATORS SET ELECTRIC RATES THROUGH 2011; UTILITY, NATIONAL GRID USA MUST WAIT FOR SECURITIES AND EXCHANGE COMMISSION OK.(Business)
- Article from:
- The Post-Standard (Syracuse, NY)
- Article date:
- November 29, 2001
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Copyright informationCOPYRIGHT 2001 All rights reserved. Reproduced with the permission of The Herald Co. by the Gale Group, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Tim Knauss Staff writer; Staff writer Erik Kriss contributed to this report.
State regulators Wednesday approved the merger of Niagara Mohawk with National Grid USA and set the electric rates Niagara Mohawk will charge for 10 years after the merger.
The rates will average 4.6 percent lower than what customers pay today. A typical residential customer using 600 kilowatt-hours will save $3.83 a month.
The unanimous decision of the state Public Service Commission takes the utilities a giant step closer to a merger that will create the nation's ninth-largest utility.
The companies need regulatory approval only from the U.S. ...