PORTLAND PRESS HERALD • July 17, 2024
Maine regulators are scrutinizing a Spanish energy giant’s agreement to buy the parent company of Central Maine Power Co. as they consider whether to approve the $2.5 billion deal. Iberdrola is seeking to purchase the remaining 18.4% of shares of Avangrid Inc., CMP’s parent. Avangrid, a publicly traded company, would become privately held, exempt from disclosing detailed reports on transactions and its financial performance. Iberdrola’s move raises the issue of foreign ownership that figured prominently in last year’s unsuccessful campaign to replace CMP and Versant Power with a publicly owned and controlled utility. CMP serves more than 636,000 electricity customers in Maine.