Regulator rejects Iberdrola plan to buy Connecticut utility

NEW BRITAIN, Conn. (AP) - Connecticut regulators have taken a step toward rejecting a plan by Iberdrola, Spain's leading electricity and natural gas utility, from buying UIL Holdings Corp. in a $3 billion deal.

The state Public Utilities Regulatory Authority issued a draft decision Tuesday saying that Iberdrola has not provided "any measurable or quantifiable commitments" that assure regulators that ratepayers will not be harmed.

In the deal announced early this year, the company would serve 3.1 million electric and natural gas customers in Connecticut, Maine, Massachusetts and New York.

Representatives of the two companies did not immediately respond to requests seeking comment.

Regulators said Iberdrola did not adequately propose measures known as "ring-fencing" to shield against financial risks to UI Holdings and its subsidiaries, United Illuminating, Connecticut Natural Gas and Southern Connecticut Gas.

Subscribe to Power Engineering magazine



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...