CT SB00416

Requires corporations and persons to obtain approval from the Public Utilities Regulatory Authority (PURA) before acquiring control of holding companies that own gas, electric, water, telephone, or community antenna television companies operating in Connecticut.

Expands approval requirements to include mergers or acquisitions where shareholders would own at least 10 percent of a holding company's shares, if PURA determines such transaction would have measurable impact on Connecticut ratepayers.

PURA must hold public hearings and make determinations within 120 days of application filing; failure to meet deadlines results in automatic approval of the proposed transaction.

Prohibits PURA approval unless the applicant demonstrates the transaction will not negatively impact state employment, increase customer rates, reduce service quality or reliability, or diminish accountability within five years, and must provide benefits to Connecticut ratepayers equal to or greater than benefits to other states.

Requires applicants to submit annual reports to PURA for five years following approval, detailing employment statistics, service rates, customer service quality, and service reliability impacts resulting from the approved transaction.