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Notice Of Proceeding Filed In AG And Consumer Counsel’s Petition For Review Proposed Acquisition By Iberdrola Of Outstanding Shares Of Avangrid
From Notice:
On September 16, 2024, the Attorney General and the Consumer Counsel for the State of Connecticut jointly petitioned (Petition) the Public Utilities Regulatory Authority (Authority or PURA) for a proceeding to review the proposed acquisition by Iberdrola, S.A. (Iberdrola) of the remaining 18.4% of shares of Avangrid, Inc., (Avangrid) that Iberdrola does not currently own (Transaction). Citing to General Statutes § 16-47, the Attorney General and the Consumer Counsel assert that the Authority should “determine [the Transaction’s] impact on Connecticut utility customers, rates, operations, service and reliability,” and “condition any approval of the Transaction to ensure the public interest standard is met.” Petition, p. 1. In response to the Petition, Iberdrola and Avangrid assert that the Petition “does not state any legal basis for review of the Transaction by the Authority,” and that “the Authority is not authorized to review the Transaction.” Iberdrola Corresp., Sept. 30, 2024.
The Authority’s consideration of the Petition will be bifurcated into two phases. In the first phase, the Authority will address the threshold question of whether the Transaction is subject to the Authority’s review under Title 16, including the approval requirements of General Statutes § 16-47(c). If the Authority finds in the affirmative, the Authority will conduct further proceedings, or a second phase, in accordance with the applicable statutory provisions. [ *** ]
Notice (10/17/2024)
24-09-06 (09/16/2024)
(Petition Of William Tong, Attorney General For The State Of Connecticut, And Claire E. Coleman, Consumer Counsel, For Review Of The Proposed Acquisition By Iberdrola, S.A. Of The Outstanding Shares Of Avangrid, Inc.)
