CMP parent Iberdrola expands Northeast footprint
The Spanish parent company of Central Maine Power Co. has purchased a Connecticut-based gas and power utility company to form one of the three largest vertically integrated utilities in the United States.
Reuters reported that Iberdrola has purchased UIL Holdings Corp. for $3 billion and merged Iberdrola’s United States activities under a combined company called Avangrid Inc., with assets of $30 billion and operations in 25 states.
The move combines Iberdrola’s power and gas distribution grids in New York and Maine, with UIL’s grids in Massachusetts and Connecticut, according to Reuters.
John Carroll, a spokesman for Avangrid from Maine’s corporate offices, told the Bangor Daily News that the merger has very little immediate impact on the roughly 600,000 CMP customers in Maine. The company’s larger footprint across the Northeast will mean it has more resources in the event of an emergency, he said.
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