(WGGB/WSHM) - Eversource Energy officials announced Wednesday that they have reached an agreement to buy Columbia Gas from NiSource for $1.1 billion.
Priscilla Ress, spokesperson for Eversource Energy, tells us that under the purchase agreement, all liabilities related to the Columbia Gas incident will remain NiSource's responsibility.
In a statement sent to Western Mass News, Eversource Chairman, President, and CEO Jim Judge says:
“Eversource is uniquely positioned to leverage the strengths of our current and future workforce, facilities, gas supply resources and business processes to achieve greater operational efficiency, while continuing to deliver on our unwavering commitment to safety and superior service for our customers. As the #1 rated energy company in the U.S. by Newsweek and the #1 ranked utility according to Forbes and JUST Capital for corporate social responsibility, we are focused on providing safe and reliable service to our customers while at the same time nurturing a diverse and engaged workplace for employees and working to protect the environment. We look forward to bringing that commitment to all of our new customers and employees.”
This transaction still needs approval from the Mass. Department of Public Utilities and the U.S. Justice Department.
Eversource and Columbia Gas will be speaking with key stakeholders and consumer advocates over the next thirty days to go over investments needed to operate the system, minimize impact rates, and review key benefits for customers.
Both Eversource and NiSource expect the transaction to be completed by the end of the third quarter in 2020.