November 24, 2015

Attorney General George Jepsen today issued the following statement on the draft decision issued by the state Public Utilities Regulatory Authority (PURA) approving the acquisition of UIL Holdings (UI) by Iberdrola:

"While my staff is currently reviewing the draft decision, I'm pleased that PURA has given its initial approval to this transaction. The revised application provided for a number of ratepayer protections, including guarantees that local management control will be maintained and the local utilities will be 'ringed off' from financial risks flowing from the parent companies. In addition, the companies committed to substantial short and long-term benefits, including ratepayer credits and customer service improvement, that  PURA will have the ability to monitor and enforce, ensuring that the company operates responsibly and in the public interest.  

"Taken together, these commitments and protections, along with other economic and community development benefits, convinced me that this transaction was worth supporting. I am particularly gratified that this approval paves the way for expediting remediation of the polluted English Station site in New Haven under a consent order negotiated by my office, working with Governor Malloy and the state Department of Energy and Environmental Protection."
 
PURA is scheduled to issue its final decision in the docket on December 9.

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