Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

United States

United States

Iberdrola floats new US division on NYSE

UNITED STATES: Spanish-based utility Iberdrola has completed its merger with US utility UIL Holdings, and listed the renamed subsidiary on the New York stock exchange (NYSE).

James Torgerson, CEO of Avangrid (left), and Ignacio Galan, chairman of Iberdrola Group (centre), ring the opening bell at the New York Stock Exchange
James Torgerson, CEO of Avangrid (left), and Ignacio Galan, chairman of Iberdrola Group (centre), ring the opening bell at the New York Stock Exchange

Avangrid has $30 billion worth of assets, according to Iberdrola, following the merger with the US utility.

The company will own Iberdrola's US wind operating portfolio of approximately 5.6GW of wind energy across 53 projects. The pipeline stands at approximately 5.9GW. The company is the second largest wind energy producer, according to Iberdrola.

Avangrid will also cover Iberdrola's USA Networks arm, which owns and operates natural gas and electric utilities in the northeast US, and Iberdrola Energy Holdings - a natural gas storage and energy services company based in Houston, Texas.

Avangrid's management team will be headed by CEO James P Torgerson, the former CEO of UIL Holdings Corporation.

Iberdrola's chairman, Ignacio Galan said: "As we have done since our arrival in the United States in 2006, we will continue investing in clean energy across the country, and bring new value to our utility customers through improving infrastructure, new technology, and innovative services."

Avangrid began trading on the New York stock exchange on 17 December, opening at $38.75 but falling to $36.12 overnight.

UIL was owner of a number of electric and natural gas utilties across the US.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Latest Jobs