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Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

Con Edison-Northeast Utilities Merger Appears Dead

With each side accusing the other of having a change of heart, to say nothing of perfidy, it appeared this morning that the planned $3.8 billion takeover of Northeast Utilities by Consolidated Edison Inc. will not take place.

Last week, Northeast gave Con Edison until last Friday to reaffirm its intention to complete the merger. "Do you still love me?" the bride asked at the wedding rehearsal. Con Edison hemmed and hawed so Northeast extended its deadline until yesterday.

Yesterday, Con Edison said Northeast had been making deals behind its back, claiming the company had entered into certain "supply obligations" through its Select Energy unregulated energy and services subsidiary, and those deals jeopardized Northeast's ability to fulfill its obligations under the merger agreement.

Northeast said Con Edison wasn't specific enough, adding that a breach of promise suit was in the works. Michael G. Morris, Northeast chief executive, said "We have instructed our attorneys to take appropriate steps to protect shareholder interests."

The merger agreement was announced in October 1999 and had received approval from shareholders of both companies and all federal and state agencies with oversight responsibility except the Securities and Exchange Commission.

The deal looked a little shaky when Con Edison objected unsuccessfully to conditions imposed by Connecticut regulators and observers felt that the New York utility was looking for a way out. When Connecticut Attorney General Richard Elemental asked a state court to delay the merger until he could get a ruling on his appeal to overturn his state regulators' approval, Con Edison quit talking.

The takeover would have created the nation's largest electric distribution company.

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