![]() ![]() The company has set a goal of reducing carbon emissions 80% by 2040. Its subsidiaries in Kentucky announced the closure of three coal units in January. The purchase will also diversify the company's assets and reduce relative earnings from coal-fired generation, which is being phased out throughout the country. In a conference call with investors, Sorgi said that Narragansett Electric is an attractive acquisition because of strong financials and growth and a "constructive" regulatory framework. "We expect to leverage our proven track record of operational excellence, award-winning customer service, strong reliability and cost efficiency to continue to improve service and deliver energy safely, reliably and affordably to Rhode Island families and businesses," Vincent Sorgi, PPL president and CEO, said in a statement. If the current deals go through, the company would serve about 3.5 million customers in the United States, including the 780,000 Narragansett Electric customers in Rhode Island. PPL announced last year that it was planning to sell its U.K business to focus on the United States. business would fund the purchase of Narragansett Electric. The purchase is contingent on a bigger, all-cash transaction that was announced at the same time in which PPL agreed to sell Western Power Distribution, the largest electric distribution business in the U.K., to National Grid for $10.9 billion. PPL’s agreement to buy Narragansett Electric includes a $3.8-billion payment to National Grid and the assumption of about $1.5 billion in debt. More: Powerful wind blows through RI 2,400 without power More: RI climate bill clears hurdle in General Assembly Most of Narragansett Electric's workforce of 950 will keep their jobs, including all members of the local affiliates of the Utility Workers Union of America and United Steelworkers, according to National Grid. What are the details of the Narragansett electric sale?
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