Northeast Utilities Sells Select Energy

It plans a pretax charge of $6 million.
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Northeast Utilities

(NU)

, a retail electric service provider, said it sold its

Select Energy Services

subsidiary to

Ameresco

, an independent energy solution provider, for an undisclosed sum.

The Springfield, Mass.-based company said it has been selling off business in its competitive energy segment -- of which Select Energy is a part-- to focus solely on its regulated utility operations.

The company said it expects the deal to result in a pretax charge to income of about $6 million in the second quarter.

Select Energy Services unit was acquired by the Northeast Utilities in 1990. The unit has completed more than $300 million in energy service projects. Currently, it has a backlog of more than $200 million worth of pending work, the company said.

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