Eversource reaches agreement to purchase Columbia Gas assets

Eversource announced Wednesday night that they have reached an agreement to purchase the natural gas assets of Columbia Gas.

Columbia Gas serves 330,000 natural gas customers in more than 60 communities in Massachusetts, according to a release issued by Eversource officials.

The assets were purchased from NiSource for $1.1 billion.

Under the agreement, liabilities related to the September 2018 Merrimack Valley Gas Disaster will remain the responsibility of Columbia Gas’s current parent company, NiSource.

“We have a strong track record of investing in infrastructure to significantly improve the reliability and safety of our systems,” said Eversource Gas President Bill Akley in a statement.  “Our commitment to operational excellence and superior customer service will create value for customers, employees, shareholders, and the communities we serve.”

The agreement will need to be approved by the Massachusetts Department of Public Utilities and the U.S. Justice Department.

The transaction is expected to close later this year.

 

 

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