CMP parent sells units to upgrade New England lines

Posted Nov. 17, 2010, at 1:35 p.m.

ROCHESTER, N.Y. — Spanish power utility Iberdrola SA says it has sold three natural gas distribution subsidiaries in Connecticut and Massachusetts, netting about $918 million to help finance a major upgrade of transmission lines linking Canada and New England.

The company’s Central Maine Power unit is leading the $1.4 billion project to add or upgrade 500 miles of lines to bolster capacity and reliability in Maine, New Hampshire and Massachusetts.

Iberdrola also says Wednesday it invested about $73 million in infrastructure near Ithaca, N.Y., and is spending $55 million on upgrades near Corning, N.Y.

Connecticut Natural Gas Corp., Southern Connecticut Gas Co. and Berkshire Gas Co. were sold to New Haven, Conn.-based UIL Holdings Corp. They serve a total of about 370,000 customers.

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