ALLENTOWN, LEHIGH COUNTY (WBRE/WYOU)– The PPL Corporation announced Wednesday, May 25, that they have successfully bought out The Narragansett Electric Company from National Grid for $3.8 billion.

The Narragansett Electric Company is Rhode Island’s primary electric and gas utility company and under PPL will be renamed “Rhode Island Energy.”

The PPL press release states they will not seek any base rate increases for at least three years following the transaction’s close, but over the past six months, PPL has raised its base rate twice from 7.544 cents to 8.941 cents per kWh in December 2021, and from 8.941 cents to 12.366 cents per kilowatt-hour earlier this month.

A representative from PPL said the company agreed to provide $50 million worth of bill credits to Narragansett Electric customers for both gas and electricity bills, write off and not seek recovery of more than $20 million in current Narragansett Electric’s assets, and forgive more than $43 million in owed bills for low-income and protected customers.

In the PPL press release, they said they will hold an investor day on June 9 to review their overall strategy, clean energy transition strategy, investment plans, as well as plans to achieve long-term competitive earnings per share.