Senate Bill No. 1354 seeks to enhance regulatory oversight of utility company mergers by amending Section 16-47 of the general statutes. The bill mandates that the Public Utilities Regulatory Authority (PURA) conduct investigations and public hearings for merger applications involving gas and electric companies. Key insertions include a requirement for PURA to notify applicants and subject companies of hearings within thirty business days and to issue determinations within two hundred days, unless an extension is agreed upon. Additionally, the bill stipulates that if an applicant already controls a gas or electric distribution company in the state, any new application for control of another such company will be denied.

The legislation also revises the criteria for PURA's review process, focusing on the financial, technological, and managerial qualifications of the applicant, as well as the subject company's ability to provide reliable service. It deletes previous language that allowed for broader considerations and introduces specific conditions under which an application may be automatically approved if PURA does not meet the established timelines. Effective October 1, 2025, the bill will prevent PURA from approving applications for control of gas or electric companies if the applicant already controls similar entities in the state, thereby tightening regulations on utility mergers. The bill is not expected to have a fiscal impact on the state or municipalities, although the effect on rate payers remains uncertain, depending on the decisions made by utility companies regarding ownership transfers.