Breaking: Algonquin Power & Utilities to Purchase Granite State Electric, EnergyNorth from National Grid

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December 9, 2010

Algonquin Power & Utilities Corp. (APUC) today announced that Liberty Energy Utilities Co., APUC's regulated utility subsidiary, has entered into agreements to acquire all issued and outstanding shares of Granite State Electric Company and EnergyNorth Natural Gas Inc. from National Grid USA for total consideration of $285.0 million.

Algonquin said that, "Ownership of existing renewable power generation assets by APUC in the geographic region is consistent with [the] strategy to capitalize on synergies between power and utilities businesses."

Granite State is a regulated electric distribution company providing electric service to over 43,000 customers in 21 communities in New Hampshire, and offers an electric choice program.  

EnergyNorth is a regulated natural gas distribution utility providing natural gas services to over 83,000 customers in five counties and 30 communities in New Hampshire and offers a transportation program to eligible business customers.

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