Connecticut lawmakers have given Spanish utility provider Iberdrola a final warning: Shape up or ship out.
The energy company plans to acquire UIL Holdings, a power distributor operating in Connecticut as well as western Massachusetts, for an estimated $3 billion. However, with the way things look now, Iberdrola might need a backup plan.
The energy provider has yet to wow Connecticut's Public Utilities Regulatory Authority after failing to include an explanation as to the effect the acquisition would have on regional ratepayers. Local lawmakers see this as a neglectful oversight on behalf of the conglomerate, one that could cost it everything. The final decision is scheduled for July 17.
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