A recent op-ed about Iberdrola’s plan to purchase outstanding shares of Avangrid (“Massive corporate energy deal requires great scrutiny,” Sept. 9) was incredibly disappointing. Its author, state Sen. Rick Bennett, mischaracterized much of the case that is before the Maine Public Utilities Commission. He also tried to advance positions that regulatory officials have deemed to be “illogical and absurd.”

Sen. Bennett’s take on this matter comes down to polished hyperbole, with most of his statements set on scoring political points. I feel it necessary to correct the record.

Earlier this year, Iberdrola submitted a proposal that would reestablish its 100% ownership of CMP’s parent company, Avangrid. Iberdrola is the largest renewable energy company in the world with 100,000 MW of installed or planned renewable energy capacity. The company has also invested $3 billion in Maine’s power grid.

In 2008, after an extensive and detailed proceeding, the PUC approved Iberdrola’s purchase of CMP’s then owner, and for eight years, from 2008 until 2016, Iberdrola owned 100% of CMP.

After the formation of Avangrid in 2016, Iberdrola’s ownership of CMP’s new parent company changed to approximately 82%, with the remaining 18% of Avangrid’s shares publicly traded on the New York Stock Exchange. The transaction under consideration today would be a return to 2016 ownership levels, with Iberdrola “buying back” the outstanding shares. When this ownership structure was approved in 2008, the PUC imposed 59 conditions that ensured that ratepayers would not be harmed by Iberdrola’s ownership of CMP. These conditions all remain in place. They confirm the PUC’s jurisdiction over Iberdrola and CMP and require Iberdrola, Avangrid and CMP to file extensive and detailed financial information every year. This reporting ensures that the PUC has the information it needs to regulate CMP.

Since 2008, Iberdrola has continuously had the authority to name the directors of Avangrid, who in turn select the officers of CMP’s Maine-based leadership team. At no time since the transaction was approved has the Maine Public Utilities Commission been denied access to any information needed to regulate CMP, and the current transaction will not limit the Commission’s or the public’s access to this information. Furthermore, the claim that the transaction would also “terminate all federal financial reporting requirements” is wrong. CMP will be required to publicly file detailed financial statements prepared in accordance with the Federal Energy Regulatory Commission’s uniform system of accounts.

Sen. Bennett ignored thousands of pages of testimony, disregarded numerous public reporting requirements, discounted the perspective of expert witnesses, and paid no attention to the array of laws passed by the Legislature itself to help ensure customers receive safe and reliable service at just and reasonable rates. Instead, the op-ed relied on hyperbole and conflation for political gain.

While we do not always like the decisions that are handed down to us from the PUC, at Avangrid, we value the fairness the Commission exhibits in reaching decisions in a transparent manner in each case.

In this case, the discourse and the decision should be left to the experienced experts at the Commission. The PUC commissioners have each been nominated by the governor and confirmed by the Maine Senate because of their experience and knowledge of energy regulatory issues. The PUC’s staff are public servants that include accountants, engineers, lawyers, financial analysts, consumer specialists and administrative and support staff.

As a regulated business, we believe in transparency and have trust in these vital government institutions. We believe members of the Legislature should as well.