The parent company of Connecticut electric utility United Illuminating received approval today from the state Department of Public Utility Control to acquire two natural gas distributors.
In May, UIL Holdings Corp. announced its intent to acquire three natural gas companies from Spanish energy giant Iberdrola SA for $1.3 billion in order to diversify its product offerings. Two of those companies service Connecticut customers – the Southern Connecticut Gas Co. and the Connecticut Natural Gas Corp. – while the third – Berkshire Gas Co. – is in Massachusetts.
With today’s DPUC approval, UIL Holdings expects the acquisition to be finalized within days, said Jim Torgerson, UIL president and CEO.
