United Illuminating, which serves electric customers in Southern Connecticut, is purchaseing The Southern Connecticut Gas Company (SCG), Connecticut Natural Gas Corporation (CNG) and The Berkshire Gas Company (Berkshire) for $1.3 billion.
If approved by state regulators, the acquisitions are expected to take place next winter.
It will then create a diversified energy delivery company with 694,000 utility customers. There are 330,000 gas customers throughout Connecticut and about 35,000 in Massachusetts.
“This transaction immediately transforms UIL while adding organic growth opportunities,” said James P. Torgerson, Chief Executive Officer of UIL. “It’s an excellent strategic fit for UIL and the gas LDCs.”
I consider this to be good news for both UI customers and for gas company customers. Compared to Cl&P and CNG, UI has a stellar record of customer service and keeping customer needs as key to its mission.
If UI continues its high customer service level, the natural gas customers will be thrilled by this acquisition.
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The Spanish company that is selling CNG also owns CMP in Maine and according to the workers Union, the Spanish company sent some fifty million dollars to Spain, money made in one year from Maine Customers.
Deregulation is making tons of money for lawyers that are connected and can make things happen. The legal fees should be made public.