Tensions rise as Spanish energy giant fights to take CT's Avangrid private

Spanish energy giant Iberdrola and powerful Connecticut officials appear to be on a collision course over the foreign company's efforts to acquire the remaining shares of its Connecticut-based subsidiary

Publicly traded Avangrid operates Iberdrola's U.S. energy subsidiaries, including Connecticut-based United Illuminating Co, and its two natural gas companies based in the state, Southern Connecticut Gas and Connecticut Natural Gas.

Iberdrola and Avangrid officials have said that taking the Orange-based energy company private would enable Iberdrola to more easily access capital it needs to operate its businesses in Connecticut and other U.S. states. Iberdrola announced on March 7 that it is looking to acquire the 18.4 percent of Avangrid stock that it does not already own.

Iberdrola officals said at the time the announcement was made that they hope to close on the transaction by the end of this year. They also said taking Avangrid private will increase their business opportunities in the United States.

https://www.ctinsider.com/business/article/avangrid-iberdrola-energy-shares-19821334.php