A 77 page in depth analysis of the then proposed IUSA/UIL merger.
The report analyzes the issues of concern during the merger process in the summer of 2015.
Report contains: preliminary earnings and valuation estimates; background information about all of the subsidiary utilities, with historical customer counts and sales volumes; regulatory review of the four state jurisdictions; listing of all wind projects owned by IUSA, including size, location, date in service, and generating volumes; accounting review discussing the potential impact of IFRS vs. US GAAP accounting, as well as pro forma financial statements.
Table of Contents:
- Key Things to Look for in S-4 Filing p.2
- New Company Structure p.3
- Subsidiary Summaries p.4
- Regulatory Environment p.12
- Rate Base p.16
- 2016 Earnings p.17
- Earnings Beyond 2016 p.22
- Cash Flow Review p.27
- Valuation p.28
- Financial Statement Review p.31
- APPENDIX 1 – Renewables map p.48
- APPENDIX 2 –Wind asset table p.49
- APPENDIX 3-Utility customer count p.51
- APPENDIX 4-Credit Rating Information p.52
- APPENDIX 5-Berkshire Gas press release p.53
- APPENDIX 6-Board of Directors info. p.54
- APPENDIX 7-Maine Natural Gas map and financials p.60
- APPENDIX 8-Iberdrola S.A. segment results p.61
- APPENDIX 9-IUSA Financial Statements p.64
- APPENDIX 10-Merger filing pro forma statements p.68
- APPENDIX 11-IUSA Intercompany Transaction info p.74
- APPENDIX 12-Div./Dist. to non-controlling interests p.77