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Narragansett Electric's parent company, U.K.-based National Grid Group, announced on Oct. 12 a $3 billion merger agreement with Niagara Mohawk, which provides electricity and gas to more than 2 million customers in upstate New York.
The agreement, filed Oct. 11 with the New York State Public Service Commission, still must undergo public hearings and receive commission approval. If the merger closes, it could result in net customer savings of about $1 billion over the next 10 years, compared with rates projected without the merger, National Grid said.
"The rate cuts, low-income protection, and other benefits agreed to in this plan will help National Grid fulfill our commitment to become a positive presence in Upstate New York," Lawrence Reilly, senior vice president …