The company that owns the hydro system that the state might buy has completed a $13 billion acquisition of a natural gas pipeline.
TransCanada put its 13 dams on the Connecticut and Deerfield rivers up for sale to help finance the pipeline deal.
Administration Secretary Justin Johnson says the state is still interested in the 560-megawatt hydro system.
"We do not have the detailed information yet because we have not signed the nondisclosure agreement, because we're still trying to talk to people," Johnson says. "We are still looking at the feasibility of purchasing, or having some involvement in the purchase of the hydro facilities. And I expect we will have a meeting probably some time next week."
TransCanada is selling the dams along with some of its other energy facilities in New England to raise cash for the natural gas system.
The Columbia Pipeline stretches across the U.S. and the deal makes TransCanada one of the largest natural gas companies in North America.