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 conduct public hearings on merger applications involving gas and electric distribution companies. Key provisions 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. Importantly, the bill prohibits the approval of any new applications for control of additional gas or electric distribution companies if the applicant already controls one in the state.

Furthermore, the bill emphasizes the need for Connecticut-based directors on the boards of holding companies seeking merger approvals and clarifies the review criteria for applications, focusing on the financial, technological, and managerial capabilities of the applicants. It deletes previous language that allowed for more lenient approval processes, establishing stricter criteria for applications filed after January 1, 2021. The bill is set to take effect on October 1, 2025, and while it does not impose a fiscal impact on the state or municipalities, it may have an indeterminate effect on ratepayers depending on how utility companies manage costs associated with ownership transfers and infrastructure projects in light of the new prohibitions.