PPL Gets Approval on $3.8 Billion Deal for Narragansett Electric

PPL Corp. will move forward with its $3.8 billion acquisition of Narragansett Electric Co., after an order from the Rhode Island Superior Court.

As part of a settlement with the state attorney general, PPL will provide $50 million in bill credits to Narragansett Electric customers and agreed not to seek any base-rate increases for at least three years, according to a statement Monday from the Allentown, Pennsylvania-based utility owner.

The court dismissed an appeal from the attorney general, which had previously sought to block the purchase from National Grid Plc. Under the settlement, PPL will also seek permission from the ...