After engaging in a Northeast LDC eating binge last year, EnergyEast Corp. started the digestion phase of its strategy yesterday byannouncing the completion of its Connecticut Energy purchase. Thetransaction gives Energy East control over Southern Connecticut GasCo., an LDC serving 160,000 customers. The original purchase offerwas made last April for $617 million. Energy East (formerly knownas NYSEG) still has a full plate, however, as its transactions withCTG Resources, CMP Energy and Berkshire Energy are still beingprocessed. Following the completion of all the acquisitions, EnergyEast will have more than 1.3 million electric customers and morethan 542,000 gas customers, excluding any added through CMP NaturalGas, the Maine gas distribution partnership of Energy East and CMP.With CTG and Connecticut Energy, Energy East becomes the largestgas distributor in the state with about 300,000 customers.
Digestion
Articles from Digestion
Hungry Energy East Buys CTG
After swallowing two energy distributors in two months most observers expected Energy East to enter a digestion phase, but the company came back for a third helping last week. The parent company of New York State Electric and Gas (NYSEG) said it is adding CTG Resources, Inc., parent of Connecticut Natural Gas (CNG), to its plate, which already is loaded with CMP Energy and Connecticut Energy.
Hungry Energy East Adds CTG to its Plate
After swallowing two energy distributors in two months mostobservers expected Energy East to enter a digestion phase, but thecompany came back for a third helping yesterday. The parent companyof New York State Electric and Gas said it is adding CTG Resources,Inc., parent of Connecticut Natural Gas (CNG), to its plate, whichalready is loaded with CMP Energy and Connecticut Energy.
