At the center of five recent cases of fraud and corruption around the world, the Spanish and Arab-owned Iberdrola seeks to distance itself from its own name. How long until the New-Hampshire-based Meadowsend Timberlands is forced to do the same?
The business section of Connecticut’s New Haven Register reports:
Spanish energy giant Iberdrola intends to change the name of the holding company that encompasses all of its subsidiaries in the United States…. Currently, the holding company for all of the Spanish utility’s American holdings is known as Iberdrola USA. But if Connecticut utility regulators approve Iberdrola’s acquisition of UIL Holdings next month, the U.S. holding company will be known as Avangrid, according to a filing with the federal Securities and Exchange Commission…
Joel Gordes, a West Hartford-based energy consultant, said changing the name of Iberdrola’s U.S. holding company “could be an effort to give them a fresh start.”
“Maybe they feel there is too much baggage with the Iberdrola name and they can reinvent themselves by doing this,” Gordes said.
He cited an Oct. 29 report by the Hartford Courant in which the newspaper reported that PURA commissioners had raised concerns about Iberdrola being at the center of five recent cases of fraud and corruption around the world.
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