PROVIDENCE, R.I. (AP) — The Narragansett Electric Company, which serves electric and natural gas customers in Rhode Island, has been sold to Pennsylvania-based PPL Corp. for $5.3 billion.
Narragansett’s parent company, National Grid, announced the deal Thursday.
Narragansett Electric has about 780,000 customers in Rhode Island, according to a National Grid statement.
PPL, based in Allentown, Pennsylvania, provides utility services in Pennsylvania, Kentucky, Virginia and the United Kingdom.
The deal must be approved by regulators and National Grid shareholders.
