Spanish energy giant Iberdrola offers to buy rest of CMP parent company for $2.5 billion
March 8, 2024
Stephen Singer
Press Herald
EXCERPTS
Spanish energy giant Iberdrola, which owns Central Maine Power Co.’s parent company, Avangrid Inc., is making a nearly $2.5 billion play for full control of its U.S. subsidiary and its extensive gas and electricity utilities in the Northeast.
Avangrid said Thursday it received a nonbinding proposal, but not an offer, from Iberdrola to buy the more than 18% of shares not already owned by the Spanish company.
Iberdrola offered $34.25 a share in cash, 10% above the weighted average price over the last 30 days. Iberdrola, which owns about 81.6% of Avangrid stock, pegged the value of the deal at $2.48 billion.....................
...........................It’s unclear what, if any, impact the Iberdrola deal would have on Maine ratepayers if it is ultimately agreed upon. As a regulated business, Avangrid must get permission from the state Public Utilities Commission for changes that affect its customers.
Mike Doyle, senior equity analyst for utilities at Edward Jones, said Iberdrola’s proposal is a “little puzzling.
“Basically, it has control of the company,” he said.
Avangrid’s network of regulated businesses operates in states with political and regulatory environments that are generally more favorable to ratepayers than investors, he said. Avangrid also has “had some trouble hitting operating performance,” he said in an interview.
“There’s a lot going on,” Doyle said. “You could own other utilities, and investors have taken the opportunity to do that.”
https://www.pressherald.com/2024/03/08/spanish-energy-giant-iberdro...
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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
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(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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