Proposed merger mates Northeast Utilities and NStar will make a presentation to the investor community on Thursday in New York, as their proposed deal hangs in the balance amid increasing criticism of the response to Tropical Storm Irene.
Hartford-based Northeast Utilities and Boston-based NStar only need approval from the Massachusetts Department of Public Utilities to move forward with their $4.6 billion merger, but the utility holding companies face strong opposition from environmental and consumer groups.
The presentation at the Barclays Capital 2011 CEO Energy-Power Conference in New York will be made specifically to the investment community, although the companies’ officials aren’t expected to make any sort of appeals for capital. The presentation will be available on the Northeast Utilities Web site, www.nu.com.
The Massachusetts Department of Public Utility has finished its hearings on the merger, although it is accepting written arguments throughout September.
The presentation and the pending ruling come while the two companies, particularly Northeast Utilities, is facing mounting criticism from officials in Connecticut and Massachusetts over the preparation and response to Tropical Storm Irene, which knocked out power to more than 1 million ratepayers in the two states.
