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Please replace the release with the following corrected version, adding executive titles to second and third graphs.
The corrected release reads:
NU AND NSTAR REACH COMPREHENSIVE MERGER-RELATED AGREEMENT WITH CONNECTICUT AG AND OCCUtilities agree to rate benefits for customers, enhanced environmental commitments and sustained community support
Northeast Utilities (NYSE: NU) and NSTAR (NYSE: NST) have reached a comprehensive merger-related agreement with the Connecticut Attorney General and the Office of Consumer Counsel (OCC) that will guarantee substantial customer and environmental benefits.
“We are pleased to have reached this settlement agreement with the Attorney General and the Office of Consumer Counsel,” said Charles W. Shivery, NU’s chairman, president and chief executive officer. “The agreement will provide constructive and tangible benefits for Connecticut customers and communities.”
“With today’s announcement we move one step closer to completing this important merger,” noted Thomas J. May, NSTAR’s chairman, president and chief executive officer. “The merger will benefit all of our customers by creating a stronger company that is expected to provide higher service levels and lower costs over the long term.”
The settlement agreement calls for a one-time, $25 million rate credit and the freezing of base distribution rates until December 1, 2014, for customers of The Connecticut Light and Power Company (CL&P). It also calls for the investment of another $15 million to be set aside to fund energy efficiency programs for low-income customers and projects associated with the development of electric vehicle infrastructure, microgrids and renewable energy.
CL&P will submit to Connecticut’s Public Utilities Regulatory Authority (PURA) a multi-year plan and cost-recovery mechanism for a $300 million investment in additional resiliency as part of its ongoing effort to improve system performance. CL&P will also forgo recovery of $40 million of the approximately $260 million of costs it incurred as a result of the two major storms of 2011, and it will defer storm recovery until after the company’s next rate case. Both resiliency spending and storm cost recovery will be subject to review and approval by PURA.