CMP’s parent company selling Maine Natural Gas Company

PORTLAND, Maine (WMTW) — Unitil is buying Maine Natural Gas Company from Avangrid, the parent company of Central Maine Power.

Maine Natural serves about 6,300 customers, both residential and commercial, in the greater Portland area as well as Augusta.

The sale agreement is for $86 million on a debt-free basis, subject to adjustment for closing working capital and transaction expenses and pending approval by the Maine Public Utilities Commission. The deal is expected to close by the end of this year.

Maine Natural Gas Company started operations in 1999 and its customer base has been growing by about 4.4% a year over the last five years. Its gas system includes approximately 230 miles of distribution mains.

Unitil also recently bought Bangor Natural Gas Company, and, combined with this acquisition, Unitil will serve communities representing over 40% of Maine’s total population.

“Maine Natural Gas Company is highly complementary to our existing natural gas distribution operations in Maine,” said Thomas P. Meissner Jr., Unitil’s Chairman and Chief Executive Officer. “Maine Natural Gas Company brings a dedicated team focused on providing safe, clean, reliable, and affordable energy to customers. We share their dedication to serving communities in Maine by providing responsive, high-quality service through locally-managed operations.”

Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 109,400 electric customers and 97,600 natural gas customers.

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