Northeast Utilities, NStar now one

Northeast Utilities completed its merger with NStar April 10, naming Tom May CEO of the combined company and former Northeast CEO Chuck Shivery chairman.

Northeast Utilities and new CEO Tom May hit the target date for completing the NStar merger.

The deal creates one of the nation”™s largest utilities, with 9,000 employees across six regulated electric and natural gas utilities and 3.5 million customers in Connecticut, Massachusetts and New Hampshire who contributed to $7.4 billion in revenue last year.

Northeast lists dual headquarters in Boston and Hartford.

“Today our two great companies become one,” May said, in a prepared statement. “This merger puts us in a unique position to provide better service levels, support our communities and employees, and take the lead on green programs and smart technologies that protect the environment. This is an exciting time in the energy industry and together we have the scale, talent and financial resources to meet the complex and demanding energy needs of our customers across New England.”

The companies expect the deal to result in $780 million in savings over the next decade.

Northeast agreed to an array of rate credits, freezes and a commitment to renewable energy and community initiatives.