Court settlement clears way for PPL's purchase of National Grid unit

Court settlement clears way for PPL's purchase of National Grid unit (NYSE:PPL)

May 23, 2022 by Seeking Alpha

Key Facts

  • zhengzaishuru/iStock via Getty Images PPL Corp. (NYSE:PPL) said the Rhode Island Superior Court on Monday cleared the way for it to acquire Narragansett Electric from National Grid (NYSE:NGG) following a settlement agreement between PPL and the Rhode Island attorney general's office.
  • Among the settlement terms, PPL (PPL) agreed to provide $50M in bill credits to Narragansett Electric customers, seek Rhode Island PUC approval to forgive $43M in arrearages for low-income and protected customers, and write off and not seek recovery of $20M-plus in current regulatory assets on Narragansett's books.
  • PPL (PPL) said it expects to complete the acquisition this week.
  • PPL (PPL) has bounced back after a dividend cut in February, and a "breakout" for the stock could be in the works, Mike Zaccardi writes in an analysis posted on Seeking Alpha.

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