Iberdrola completes buyout of CMP parent company

Maine Public | By Peter McGuire
Published December 27, 2024 at 4:12 PM EST

Spanish energy giant Iberdrola says it has completed a buyout of Central Maine Power’s parent company. The international corporation intends to operate Avangrid as a private company, which critics say raises transparency concerns.

Iberdrola bought the remaining 18% of Avangrid’s publicly traded stock for $2.5 billion this month after receiving approval from state and federal regulators. The Spanish company already owned the overwhelming majority of Avangrid shares.

The company will operate Avangrid as a private entity, which allow it to participate more economically in energy infrastructure projects.

"The merger will allow Iberdrola to invest in the United States more efficiently," the company said in a press release.

"The subsidiary will be able to participate more economically in new energy infrastructure projects in its grid and renewable businesses, representing a significant investment in local communities and generating hundreds of direct and indirect jobs," Iberdrola added.

The Maine Public Utilities Commission declined to review the sale this fall. Commissioners found that since Iberdrola already controlled Avangrid’s management and board of directors, the sale wouldn’t change overall control of the company.

The commission previously approved private ownership of Avangrid in 2008. It still requires the company to provide thorough public financial and operational records.

Critics of the final acquisition plan however, including the Office of the Public Advocate argued private ownership will limit transparency since the company will not need to divulge financial information to federal regulators and the public.

Avangrid owns Central Maine Power, the state's largest electric utility, and Maine Natural Gas.

https://www.mainepublic.org/business-and-economy/2024-12-27/iberdro...

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Comment by Dan McKay on December 29, 2024 at 7:52am

If there was real transparency explaining the negative ratepayer impacts from the numerous laws enacted to benefit renewable energy interests, we would have a real OPA.

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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