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) investigate and hold public hearings on merger applications involving gas and electric distribution companies. Key insertions include a requirement for PURA to notify applicants and subject companies of hearings within thirty business days and to make determinations within two hundred days, unless an extension is agreed upon. Additionally, the bill prohibits approval of new applications for control of another gas or electric distribution company if the applicant already controls one in the state.

The bill also revises the criteria for PURA's review, focusing on the financial, technological, and managerial suitability of applicants, as well as the reliability of service from the subject company. It deletes previous language that allowed for broader considerations and introduces specific conditions for deemed approval if PURA does not meet the specified timelines. Furthermore, it requires holding companies to have a proportional number of Connecticut-based directors on their boards. Effective October 1, 2025, the bill aims to prevent monopolistic control in the utility sector while ensuring that PURA's regulatory authority is reinforced without imposing additional fiscal burdens on the state or municipalities.