June 17, 1999 |
The Federal Energy Regulatory Commission has cleared the first foreign purchases of U.S. utilities, approving two separate deals by British firms worth a total of $12.4 billion. Scottish Power is to buy PacifiCorp of Portland, Ore., for $9.2 billion. National Grid, the world's largest privately owned transmission company, is to buy New England Electric System of Westborough, Mass., for $3.2 billion.
February 24, 1988 |
A Massachusetts utility company has begun talks aimed at taking over troubled Public Service Co. of New Hampshire, but not its 36% share of the stalled Seabrook nuclear plant, officials said Tuesday. Public Service, the lead Seabrook owner, sought federal bankruptcy protection last month. The proposed takeover by New England Electric System, based in Westborough, Mass.
August 4, 1992 |
A New England utility and a Malaysian logging firm have embarked on a venture to reduce carbon dioxide in the Earth's atmosphere, not by planting more rain forest trees, but by cutting them down more efficiently. The three-year pilot project, announced Monday by New England Electric System Cos. and Innoprise Corp., a major Malaysian forest products company--and brokered through a small Los Angeles firm--could help change the destructive economics of Third World rain forests.
December 14, 1998 |
New England Electric System said it will be acquired by National Grid of Britain for about $3.2 billion in cash and assumed debt, the second purchase of a U.S. utility by a British power company in a week. The deal includes the assumption of $1 billion in New England Electric debt. National Grid operates Britain's electricity transmission network. New England Electric, based in Westboro, Mass., is the state's largest electricity distributor. Neither firm would comment.
April 5, 1989 |
A Massachusetts utility today offered $2.35 billion for Public Service Co. of New Hampshire if the Seabrook nuclear power plant operates and $1.4 billion if the troubled reactor doesn't. New England Electric System of Westboro made the offer conditional on the future operation of the plant, which is completed but lacks an operating license because of regulatory challenges on its emergency evacuation plans. Public Service, which is in bankruptcy reorganization, is the lead owner of Seabrook.
September 6, 2000 |
National Grid Group, owner of the power transmission network in England and Wales, agreed to buy Niagara Mohawk Holdings Inc. for $3 billion in cash and stock, continuing an expansion into the U.S. market. National Grid will pay $19 a share for the New York utility owner, 47% more than Thursday's closing price. It will pay about $1 billion in cash and $2 billion in stock and will assume $5.9 billion in debt.