Global energy group Iberdrola S.A. has obtained all the necessary regulatory approvals to complete an internal corporate re-organization to bring all of its U.S. companies under a single holding company known as Iberdrola USA Inc. The new structure aligns U.S. operations with Iberdrola's corporate practice of establishing a single, national holding company in the principal countries where it operates.
Iberdrola USA will be composed of three intermediate holding companies that will each operate separately under the direction of separate boards of directors: Iberdrola USA Networks will focus on regulated businesses, Iberdrola Energy Holdings will focus on natural gas storage and energy services, and Iberdrola Renewables will focus on renewables generation.
Iberdrola Renewables, based in Portland, Ore., will hold ownership of the company's unregulated or lightly regulated renewable and thermal generation businesses. The wind producer has 60 plants and operations in 19 states and a total owned-generation capacity of 6.13 GW, Iberdrola days.
‘Bringing these companies under one roof underlines our commitment to the United States, which is one of our priority markets in terms of investments,’ explains Ignacio Galan, chairman of Iberdrola S.A. ‘With this new structure, we intend to continue offering quality service to customers through our regulated businesses, and to providing clean energy for the U.S. through our renewables operations, as well as flexibility in the natural gas chain.’
The management of the existing operating companies will remain in place and report to their respective intermediate holding companies and boards of directors. Iberdrola says the new structure will not involve any new costs for customers or affect employees.