Iberdrola creates holding company for U.S. operations
Spanish energy company Iberdrola, owner of Central Maine Power, has formed a single holding company for its operations in the United States, a plan that includes consolidating ownership of its electric and natural gas operations in New Gloucester.
The new entity, Iberdrola USA, will hold the company’s regulated utilities, renewable energy businesses and underground storage facilities under three intermediate holding companies, according to a press release.
The New Gloucester-based Iberdrola USA Networks will own the company’s nearly $13.5 billion in electric and natural gas assets in Maine, New Hampshire and New York. It will have full ownership of operating subsidiaries Central Maine Power, Maine Natural Gas, New York State Electric & Gas Corp., Rochester Gas and Electric Corp. and New Hampshire Gas Corp.
The Portland, Oregon-based Iberdrola renewables will own the company’s 6,130 megawatts of wind power capacity, making up around $15.7 billion in assets. The Houston-based Iberdrola Energy Holdings LLC will own the company’s underground storage facilities and the energy services trading floor in Houston and Salt Lake City.
Each operating company will retain its own board of directors and will report to the intermediate holding companies and board of directors. The company said the reorganization will not involve new costs for customers or affect any of Iberdrola’s 5,000 U.S. workers.
Read more
Most Recent
Most Recent
Comments