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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

Northeast Utilities Sues Con Edison for Breach of Promise

LCG, March 13, 2001Northeast Utilities yesterday sued Consolidated Edison Inc., asking for more than $1 billion to compensate for Con Edison's refusal to follow through on its $3.8 billion acquisition of Northeast.

The $1 billion includes the acquisition premium offered by Con Edison that is the amount Con Edison was willing to pay for Northeast stock over its then trading price plus compensation for time and money spent by Northeast to get regulatory approval for the merger.

Con Edison had already sued Northeast last week for violating terms of the proposed transaction and yesterday said Northeast's suit was "without merit."

In its suit, filed in the U.S. District Court for the Southern District of New York, Northeast alleges that Con Edison tried to use conditions imposed on the merger by Connecticut regulators as a lever to reduce its purchase price.

Michael G. Morris, chairman, Northeast's president and chief executive, said "Northeast Utilities filed this suit to recover the value of the merger for our company and shareholders, who have suffered substantial damages as a result of Con Edison's actions."

As to Con Edison's suit filed on March 6, Morris said "Northeast Utilities is and always has been in full compliance with the terms of the merger agreement. Our company is considerably more valuable today than at the time of the merger agreement, and Con Edison had no legal basis for refusing to complete the merger at the agreed upon terms."

Though Con Edison says it is willing to go ahead with the takeover on its terms, Northeast says the romance is over.

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