The parent of Maine Water Co., a water utility that serves 21 towns, has submitted a new application to merge with a California company that it says addresses earlier concerns of regulators.
Parent Connecticut Water and San Jose, California, water company SJW Group said last week that they have jointly filed a new application with the Connecticut Public Utilities Regulatory Authority to approve the merger.
The new application includes commitments that the companies said respond to hesitations expressed earlier by the regulatory agency.
Among the commitments are customer bill credits, maintaining current employee levels in Connecticut for at least three years after the merger would close, keeping the Connecticut headquarters and continuing capital investments of about $200 million per year across the merged operations.
“We believe that the new application demonstrates how our combination with Connecticut Water is in the public interest,” Eric Thornburg, chairman, president and CEO of SJW Group, said in a prepared statement.
Connecticut Water President and CEO David Benoit said the new applications ensures the merged companies will provide immediate and long-term customer benefits, protect jobs and support economic development.
“In addition, the new application has governance provisions that will support continued local control and protect the financial integrity of the Connecticut utilities,” he said.
Maine Water in January withdrew its application before the Maine Public Utilities Commission in an effort to make it easier for its Connecticut parent company to merge with SWJ.
The combined company would have operations in California, Connecticut, Maine and Texas.
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