"The market is saying this deal is reasonable and beneficial for shareholders," Franzen said. "At the end of the day, time will tell."
Northeast Utilities said Tuesday the deal provides more resources for storm restoration and improvements in equipment. The promise is a response to customers and public officials in Connecticut who will not soon forget Connecticut Light & Power's handling of the freak snowstorm in October. Hundreds of thousands of customers were without electricity for up to 11 days as the utility struggled to restore downed power lines.
The utility came under heavy criticism, forcing its president to resign. Malloy cited that storm and the remnants of Hurricane Irene, which hit the state in late August, as opportunities to negotiate an agreement for approval of the Northeast Utilities-NStar deal that stipulated better terms for customers.
Shares of Northeast Utilities closed at $35.90, down 89 cents, or about 2.5 percent.
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