Iberdrola Re-organizes All U.S. Operations Under Single Holding Company
NEW GLOUCESTER, Maine, PORTLAND, Ore. and HOUSTON, Nov. 21, 2013
NEW GLOUCESTER, Maine,PORTLAND,Ore. and HOUSTON, Nov. 21, 2013 /PRNewswire/
--Global energy group Iberdrola, S.A. has obtained all the necessary
regulatory approvals to complete an internal corporate re-organization to
bring all of its U.S. companies under a single holding company known as
Iberdrola USA, Inc. The new structure aligns U.S. operations with Iberdrola's
corporate practice of establishing a single, national holding company in the
principal countries where it operates.
Iberdrola USA will be composed of three intermediate holding companies that
will each operate separately under the direction of separate boards of
directors: Iberdrola USA Networks will focus on regulated businesses;
Iberdrola Renewables will focus on renewables generation; and Iberdrola Energy
Holdings will focus on natural gas storage and energy services.
"Bringing these companies under one roof underlines our commitment to the
United States, which is one of our priority markets in terms of investments,"
said Ignacio Galan, chairman of Iberdrola, S.A. "With this new structure, we
intend to continue offering quality service to customers through our regulated
businesses, and to providing clean energy for the U.S. through our renewables
operations, as well as flexibility in the natural gas chain."
Taken together, the Iberdrola USA companies employ about 5,000 people with
operations in 24 states from New England to the West Coast, providing
electricity generation, transmission and distribution, natural gas storage and
distribution, and energy services. The management of the existing operating
companies will remain in place and report to their respective intermediate
holding companies and boards of directors. The new structure will not involve
any new costs for customers or affect employees.
Notes to editors:
oIberdrola USA Networks, based in New Gloucester, Maine, will hold
ownership of the company's regulated utilities serving 2.4 million
electric and natural gas customers in Maine, New Hampshire and New York
with assets of about $13.5 billion. The holding company has 100% ownership
of operating subsidiaries New York State Electric & Gas Corporation,
Rochester Gas and Electric Corporation, Central Maine Power, Maine Natural
Gas, and New Hampshire Gas Corporation.
oIberdrola Renewables, based in Portland, Oregon, will hold ownership of
the company's unregulated or lightly regulated renewable and thermal
generation businesses. Iberdrola Renewables is the second largest wind
producer in the U.S. with 60 plants and operations in 19 states and a
total owned-generation capacity of 6,130 megawatts. In 2012, Iberdrola
Renewables produced 14 million megawatt-hours of electricity and held
about $15.7 billion in assets.
oIberdrola Energy Holdings, LLC, based in Houston, Texas, will hold
ownership of the company's portfolio of underground storage facilities
across the country, as well as the energy services trading floor in
Houston, Texas and Salt Lake City, Utah. The company is one of the top
independent gas storage operators and gas traders in the U.S. with more
than 130 billion cubic feet of storage capacity.
oIberdrola S.A., employs 33,000 people around the globe, with a special
focus on Spain, the UK, the U.S., Brazil and Mexico. It is one of the
world's largest electricity companies with more than $40 billion in market
capitalization. Through its 30 million points of supply it serves a
population of 100 million. It has 45,000 megawatts of installed capacity,
and is a global leader in operating wind energy capacity. It has invested
more than $20 billion in its U.S. operations.
For more information, visit www.iberdrolausa.com.
Follow us on Twitter: @IberdrolaUSA
SOURCE Iberdrola USA
Contact: John Carroll, Director, Corporate Communications, (207) 688-4339
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