Iberdrola Sells U.S. Assets Worth $1.3 Billion

Spanish energy giant Iberdrola announced on May 25 a deal to sell U.S. natural gas subsidiaries worth a total $1.3 billion to U.S. group UIL Holdings.

The three subsidiaries are the Connecticut Natural Gas Corp., The Southern Connecticut Gas Co. and The Berkshire Gas Company.

Iberdrola said the operation is part of its plan to divest itself of "non-strategic assets" and help finance an electricity network in Maine.

Copyright Agence France-Presse, 2010