January 24, 2008
PUC approves CMP sale
The Maine Public Utilities Commission yesterday approved Spain-based Iberdrola SA's proposed acquisition of Central Maine Power's parent company.
Iberdrola's $8.6 billion acquisition -- $4.6 billion in cash and $4 billion in debt -- of New Gloucester-based Energy East Corp. includes subsidiaries in other northeastern states and affects roughly three million consumers, according to a press release. CMP provides electricity to 80% of Maine residents. "Consumers will see better service quality, new investment and support for conservation initiatives as a result of this transaction," said PUC chair Kurt Adams.
As part of the agreement, CMP promised to continue to give the PUC the authority to site new power lines and related facilities, a sticking point for the commission as it tries to maintain jurisdiction over transmission management and infrastructure in the face of encroaching federal legislation.
Iberdrola's $8.6 billion acquisition -- $4.6 billion in cash and $4 billion in debt -- of New Gloucester-based Energy East Corp. includes subsidiaries in other northeastern states and affects roughly three million consumers, according to a press release. CMP provides electricity to 80% of Maine residents. "Consumers will see better service quality, new investment and support for conservation initiatives as a result of this transaction," said PUC chair Kurt Adams.
As part of the agreement, CMP promised to continue to give the PUC the authority to site new power lines and related facilities, a sticking point for the commission as it tries to maintain jurisdiction over transmission management and infrastructure in the face of encroaching federal legislation.
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