April 17, 2007 - Press releases
Montreal, April 17, 2007 - Gaz Métro Limited Partnership (TSX: GZM.UN), through its wholly owned subsidiary, Northern New England Energy Corporation (NNEEC), today completed the acquisition of Green Mountain Power Corporation (NYSE: GMP), the second-largest electricity distributor in Vermont.
GMP will now operate as a wholly owned subsidiary of NNEEC, which already includes Gaz Métro’s activities in New England: Vermont Gas Systems and Portland Natural Gas Transmission System (PNGTS). GMP will continue to be managed by its current management team, which is based in Vermont.
“We are delighted to welcome Green Mountain Power into our group of energy companies. Over the last 20 years, Gaz Métro has shown its long-term commitment to energy consumers in New England through Vermont Gas Systems and Portland Natural Gas Transmission System, and we intend to continue in this manner,” said Sophie Brochu, President and Chief Executive Officer of Gaz Métro.
About Green Mountain Power
Green Mountain Power is an electric utility with revenues of approximately $240 million US. GMP is the second-largest electricity distributor in Vermont, with 195 employees working to serve more than 90,000 customers. It transmits, distributes and sells electricity, as well as offering construction services for other utilities in the State of Vermont.
About Gaz Métro
With more than $2.7 billion of assets and over 1,500 employees in Québec, Gaz Métro is a leading Québec energy company and one of the largest natural gas distributors in Canada. It serves some 167,000 customers in Québec through its approximately 10,000-km underground system, while a subsidiary, Vermont Gas Systems, serves some 38,000 customers.
Gaz Métro also holds significant financial interests in two natural gas transmission companies (Trans-Québec - Maritimes PipeLine and Portland Natural Gas Transmission System) and in a company that specializes in underground reservoirs for the storage of natural gas (Intragaz). Subsidiaries of Gaz Métro offer repair and maintenance services for natural gas equipment (Gaz Métro Plus), urban air-conditioning and heating systems (CDH Solutions & Operations), and the rental of water heaters, including electric water heaters (HydroSolution). Through its various subsidiaries and joint ventures, Gaz Métro also operates in the diagnosis and rehabilitation of drinking water and wastewater systems (Aqua Data and Aqua-Rehab) and in fiber-optics (MTO Telecom).