![]() ![]() The Supreme Court reversed, holding that the trial judge erroneously dismissed the action based on Plaintiff's failure to exhaust its administrative remedies. The trial judge dismissed the case for Plaintiff's failure to exhaust administrative remedies. Plaintiff reimbursed a third-party for the tax assessed on the sale of 300,000 barrels of gasoline and then initiated this action alleging constitutional violations and violations of the Motor Fuel Tax. The electric services company said that the WPD transaction is anticipated to be closed within four months, while the NECO deal is expected to be completed within a year.īoth the deals are subject to customary approvals in the US and UK, and also National Grid’s shareholders’ approval for the WPD transaction.The Supreme Court quashed the order of the district court granting the motion to dismiss filed by the State of Rhode Island, acting by and through the Division of Taxation (Division), in this appeal stemming from a series of transactions for the purchase and sale of gasoline, holding that the district court erred in granting the Division's motion to dismiss based on Plaintiff's failure to exhaust its administrative remedies.The tax at issue was levied on a transaction between Plaintiff and another party and was the subject of several transactions between various entities. utilities strengthen our credit metrics enhance long-term earnings growth and predictability and provide us with greater financial flexibility to invest in sustainable energy solutions for those we serve.” “They will refocus our business mix squarely on strong, rate-regulated U.S. PPL president and CEO Vincent Sorgi said: “The strategic transactions we are announcing today immediately unlock value for shareowners and achieve the objectives we set out in launching the process to sell our U.K. PPL said that the deals will help it become a high-growth, purely US-focused energy firm with a strong balance sheet. “We have received a premium valuation for our Rhode Island business and I am confident that we will also deliver attractive shareholder value from the NGG Sale in due course.” “WPD has a high quality, fast growing asset base and an excellent track record of customer satisfaction, operational performance and financial returns. National Grid chief executive John Pettigrew said: “The acquisition of WPD is a one-off opportunity to acquire a significant scale position in UK electricity distribution. ![]() Besides, the company said that its long-term growth outlook will be strengthened by boosting its position in electricity distribution through the addition of WPD.įollowing the divestiture of NECO and stake sale in NGG, National Grid will have nearly 40% of its assets in the US. The electricity and gas utility company said that the deals pivot its UK portfolio strategically towards electricity. National Grid Gas owns the national gas transmission system (NGG) in the UK. NECO’s electricity transmission and distribution and gas distribution businesses serve nearly 780,000 customers in Rhode Island.Īpart from that, National Grid said that it will launch the sale of a majority stake in National Grid Gas in the second half of 2021 and close the deal nearly a year later. ![]() PPL will also assume nearly $1.5bn (£1.08bn) of NECO’s debt. In a separate agreement, National Grid has agreed to divest its US-based utility business Narragansett Electric (NECO) to PPL Energy, another subsidiary of PPL, for $3.8bn (£2.7bn). ![]()
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