CONCORD, N.H. — State regulators on Friday approved a $2.3 billion takeover plan and a new rate structure for Public Service Company of New Hampshire, paving the way for the utility to emerge from bankruptcy.

The Public Utilities Commission’s 200-page report, following 21 days of hearings ended in late May, found Connecticut-based Northeast Utilities’ acquisition “consistent with the public good.”

The reorganization plan’s rate agreement projects seven annual rate increases of 5.5 percent beginning in 1990. Testimony during commission hearings that rates actually could go as high as 8.5 percent prompted a public criticism of the deal, which was approved by the state Legislature.

Special Commissioner John Nassikas, appointed to oversee the hearings, said the commission was confident assumptions behind the 5.5 percent figures are realistic.

“I would hasten to add that there’s no guarantee that this would be a 5.5 percent increase over the seven-year life,” Nassikas said. “It would be irrational to say … that their projections are invulnerable and that you’re not going to have an increase over 5.5 percent.”