Unitil Corp., the biggest supplier of pure gasoline in Maine, on July 9 stated it has a deal to buy Bangor Pure Fuel Co., which has been the state’s No. 2 supplier of the gas.
The Maine Public Utilities Fee, which nonetheless should approve the merger, stated Unitil has about 27,000 clients in Maine, most within the areas of Portland, Lewiston, Auburn, and Kittery. Bangor Pure Fuel has about 8,500 clients within the state and serves Bangor, Orono, and different areas. The PUC stated the corporate is also putting in a pipeline to serve Bucksport.
Unitil on Tuesday stated it’s paying about $71 million to PHC Utilities, a subsidiary of Hope Utilities, to purchase Bangor Pure Fuel. Unitil stated Bangor Pure Fuel owns and operates 351 miles of gasoline distribution pipelines, together with 9 miles of transmission pipelines.
“Bangor Pure Fuel Firm is a good complement to our present pure gasoline distribution operations in Maine,” Thomas P. Meissner, Unitil’s chairman and CEO, stated in a press release. “Bangor brings a powerful administration crew that’s dedicated to offering protected, clear, dependable, and reasonably priced power to clients. We share their dedication to serving communities in Maine by offering responsive, high-quality service by means of locally-managed operations.”
Pending PUC approval, Unitil stated it expects to shut the deal to make Bangor Pure Fuel a wholly-owned subsidiary no later than the primary quarter of 2025.
Unitil is headquartered in Hampton, New Hampshire. The corporate serves about 88,400 clients in Maine, Massachusetts, and New Hampshire. It additionally offers electrical energy service to about 108,500 clients in New Hampshire and Massachusetts.
The state PUC stated two different corporations—Maine Pure Fuel Corp., a subsidiary of AVANGRID, and Summit Pure Fuel of Maine—additionally function within the state.
The U.S. Vitality Info Administration has stated its most up-to-date information reveals about 70% of Maine residents use petroleum merchandise, together with pure gasoline and oil, to warmth their properties, the biggest proportion of any state. The company stated Maine, which is about 90% lined by forest, is second solely to Vermont within the quantity of energy generated from burning biomass.
—Darrell Proctor is a senior affiliate editor for POWER (@POWERmagazine).
