Jul. 7, 2015, 10:51 AM
- UIL Holdings (UIL +2.9%) pops after an SEC filing shows it and Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) will submit a new application to Connecticut's Public Utilities Regulatory Authority regarding their merger.
- The companies say they will file a new application for a change of control of UIL in a manner they believe addresses the points and guidance included in the state's rejection of their proposed merger.
- In its decision, the regulator had said a lack of certain corporate safeguards could "weaken" the Connecticut utilities.
Jun. 30, 2015, 3:42 PM
- UIL Holdings (UIL -3.7%) tumbles as Connecticut regulators rejected its proposed merger with the U.S. operations of Iberdrola (OTCPK:IBDSF,OTCPK:IBDRY).
- The state Public Utilities Regulatory Authority says in a draft decision that although Iberdrola has the technical experience and financial resources to complete the merger, the lack of certain corporate safeguards could "weaken" the Connecticut utilities.
- The transaction was announced in February and was still subject to regulatory and UIL shareholder approvals.
May 30, 2014, 8:36 AM
- Cheniere Energy (LNG) +2.7% premarket after agreeing to sell 400K metric tons/year of liquefied natural gas to Spanish power company Iberdrola (IBDRY, IBDSF) upon commencement of operations of Train 1 of the LNG export facility being developed near Corpus Christi, Tex., and increasing to 800K metric tons/year upon commencement of Train 2.
- The agreement is for 20 years beyond the date of first commercial delivery of the second train, with an extension option of up to 10 years; deliveries from Train 2 are expected to occur in 2019.
- The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5M metric tons/year of LNG.
- Iberdrola says the deal is worth $5.6B and will allow it to fulfill its long-term fuel needs for gas generation plants in Spain and Britain, where it is also a major operator.
Iberdrola S.A. generates, distributes, trades, and markets electricity in Spain, Portugal, and Latin America. The Company operates nuclear, hydroelectric, oil-fueled, coal burning, and combined cycle natural gas plants. Iberdrola also markets natural gas, constructs, promotes, and operates wind... More
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