BANGOR DAILY NEWS • September 17, 2024
State regulators waived Tuesday a requirement that they approve Spanish energy firm Iberdrola’s takeover of Central Maine Power’s parent company. Iberdrola held 81.6 percent of CMP parent Avangrid’s stock before purchasing in June the remaining 18.4 percent in a $2.6 billion deal. Maine’s largest utility and its parent firm Avangrid, which is headquartered in Connecticut, had submitted a request in May for the Public Utilities Commission to waive a state law requiring regulators to approve any reorganization of a utility. By agreeing Tuesday morning to waive the requirement, the commission avoided adding extra hurdles to Iberdrola’s takeover. Opponents who included Public Advocate William Harwood and consumer groups argued it transforms the publicly traded Avangrid into a private company and exempts it from filing certain financial records.