Global energy group Iberdrola S.A. has obtained all the necessary regulatory approvals to complete an internal corporate re-organization to bring all of its U.S. companies under a single holding company known as Iberdrola USA Inc.
Iberdrola USA will be composed of three intermediate holding companies that will each operate separately under the direction of separate boards of directors: Iberdrola USA Networks will focus on regulated businesses; Iberdrola Renewables will focus on renewable energy; and Iberdrola Energy Holdings will focus on natural gas storage and energy services.
Taken together, the Iberdrola USA companies employ about 5,000 people with operations in 24 states from New England to the West Coast, providing power generation, transmission and distribution, natural gas storage and distribution, and energy services. The management of the existing operating companies will remain in place and report to their respective intermediate holding companies and boards of directors. The new structure will not involve any new costs for customers or affect employees.
· Iberdrola USA Networks, based in New Gloucester, Maine, will hold ownership of the company's regulated utilities serving 2.4 million electric and natural gas customers in Maine, New Hampshire and New York with assets of about $13.5 billion. The holding company has 100 percent ownership of operating subsidiaries New York State Electric & Gas Corp., Rochester Gas and Electric Corp., Central Maine Power, Maine Natural Gas, and New Hampshire Gas Corp.
· Iberdrola Renewables, based in Portland, Oregon, will hold ownership of the company's unregulated or lightly regulated renewable and thermal generation businesses. Iberdrola Renewables is the second largest wind producer in the U.S. with 60 plants and operations in 19 states and a total owned-generation capacity of 6,130 MW. In 2012, Iberdrola Renewables produced 14 million MWh of electricity and held about $15.7 billion in assets.
· Iberdrola Energy Holdings, LLC, based in Houston, Texas, will hold ownership of the company's portfolio of underground storage facilities across the country, as well as the energy services trading floor in Houston, Texas and Salt Lake City, Utah. The company is one of the top independent gas storage operators and gas traders in the U.S. with more than 130 billion cubic feet of storage capacity.
· Iberdrola S.A., employs 33,000 people around the globe, with a special focus on Spain, the U.K., the U.S., Brazil and Mexico. It is one of the world's largest electricity companies with more than $40 billion in market capitalization. Through its 30 million points of supply it serves a population of 100 million. It has 45,000 MW of installed capacity, and is a global leader in operating wind energy capacity. It has invested more than $20 billion in its U.S. operations.