National Grid Group PLC
1 November 1999
NATIONAL GRID AND NEES REACH AGREEMENT WITH NORTHEAST UTILITIES ON NRC ISSUES
RELATED TO NEES/NATIONAL GRID MERGER
Northeast Utilities Withdraws Motion for Intervention and Hearing in Merger
The National Grid Group plc (National Grid), and Northeast Utilities today
notified the Nuclear Regulatory Commission (NRC) that they had reached
an agreement in principle on issues of foreign ownership and financial
qualifications regarding National Grid's proposed acquisition of New
England Electric System (NEES). As part of this agreement, Northeast
Utilities subsidiaries Connecticut Light and Power, Western Massachusetts
Electric Company and North Atlantic Energy Corporation have agreed to withdraw
their petitions for intervention and hearing.
Once the NRC grants the withdrawal and dismisses the hearing, NEES and National
Grid anticipate that the remaining regulatory approvals needed from
the NRC and the Securities and Exchange Commission will be obtained in a time
frame that will allow the merger to be completed by early 2000.
The merger already has received approval or endorsement from the Federal
Energy Regulatory Commission, the Department of Justice/Federal Trade
Commission, the Committee on Foreign Investment, and state regulatory agencies
in Massachusetts, Rhode Island, New Hampshire, Connecticut and Vermont.
Contact
Jill Sherratt, Investor Relations 44 171 620 9191
Diane Boddy, Investor Relations
Tony Carlisle, Citigate Dewe Rogerson 44 171 638 9571
Sue Pemberton, Citigate Dewe Rogerson
Duncan Murray, Citigate Dewe Rogerson
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