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Avangrid begins trading after Iberdrola USA merger
Avangrid begins trading after Iberdrola USA merger
Listen to this articleThe new parent company of Rochester Gas and Electric Corp., Avangrid Inc., began trading on the New York Stock Exchange on Thursday.
Iberdrola USA Inc., based in Maine, and Connecticut-based UIL Holdings Corp. on Wednesday announced the closing of the merger between the companies. The merger created a diversified energy and utility company with $30 billion in assets and operations in 25 states. The company trades under the symbol AGR.
RG&E and New York State Electric & Gas Corp. are among the firms listed under Iberdrola USA Networks of Avangrid.
The merger combined the resources eight electric and natural gas utilities with a rate base of approximately $8.3 billion serving 3.1 million customers in New York and New England, the company said.
Avangrid’s renewable energy subsidiary is the second-largest wind energy producer in the United States.
(c) 2015 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email [email protected].
