PROVIDENCE – The Pennsylvania-based company buying National Grid’s Rhode Island power business has named one of its longtime leaders to head Narragansett Electric Co.
PPL Corp. on Tuesday announced David J. Bonenberger will serve as president of National Grid PLC’s Rhode Island business once the planned deal between the two companies closes. The sale is part of a larger agreement between National Grid and PPL first unveiled in March. Under the terms of the deal, PPL will buy Narragansett Electric Co., the Rhode Island power business, for $3.8 billion, while selling its United Kingdom electricity distribution business to National Grid for $10.2 billion.
The deal was expected to close nine to 12 months after the March announcement. The deal is still pending regulatory approval.
Bonenberger has nearly four decades of experience in the energy industry, including with PPL since 1984. He most recently served as the company’s vice president of operations integration, and has played a “leading role” in modernizing the grid, the release stated. As president of Narragansett Electric Co., he will oversee operations for the state power company’s 780,000 customers and its employees, who are expected to stay on after the sale, PPL said previously. In a statement, Bonenberger also highlighted his commitment to helping the state to achieve its renewable energy goals.
A number of high-ranking National Grid officials will also stay on with the company as part of the leadership team and report to Bonenberger, the release stated.
Once the transaction closes, PPL’s reach will include about 3.5 million electricity and gas customers nationwide.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
