The Public Utilities Regulatory Authority (PURA) of Connecticut has rejected in a preliminary decision the proposed US$3bn takeover of power company UIL Holding by Spanish energy group Iberdrola. The Office of Consumer Counsel has set 97 conditions; Iberdrola and UIL have already accepted 39 of them but have rejected two financial conditions (investing US$202m over three years into a fund to benefit customers and crediting each client with US$128, at a total cost of US$88m). Iberdrola and UIL will have until 7 July 2015 to present their response and the final decision on the acquisition is expected on 17 July 2015. The merger has been approved by the state of New York and is under review in Massachusetts, Maine and by the FERC, the Department of Justice and Federal Trade Commission, the Committee on Foreign Investment and the Federal Communications Commission.
In March 2015, Iberdrola USA and UIL Holding reached an agreement to merge the two companies in the United States. The new company resulting from the merger would become one of the largest utilities in the US and the 2nd largest wind operator company.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.