Concord Electric Company
| Company type | Public utility holding company |
|---|---|
| Industry | Utilities |
| Predecessor | Portland Gas Light Company, Fitchburg Gas and Electric Light Company, Concord Electric Company, Exeter & Hampton Electric Company, Northern Utilities |
| Founded | 1984 |
| Headquarters | Hampton , United States |
Area served | New Hampshire, Massachusetts, Maine |
Key people | Tom Meissner (Chairman, CEO, President) |
| Products | Electricity and natural gas distribution; energy brokerage and consulting via U-source |
Unitil Corporation operates as a multi-state utility provider delivering electricity and natural gas services across New Hampshire, Massachusetts, and Maine. Its origins trace back to the establishment of the Portland Gas Light Company in 1849. Officially incorporated in 1984, Unitil is headquartered in Hampton, New Hampshire. The company holds a market capitalization near $686.5 million and serves approximately 102,400 electric customers alongside more than 75,900 natural gas customers. Its coverage area encompasses commercial, industrial, and recreational zones, supporting industries such as electronic manufacturing and education. The firm’s enterprise value is estimated at $766.5 million. Unitil conducts its non-utility operations through U-source, a subsidiary specializing in national energy brokerage and consulting.
Background
Unitil’s Historical Timeline
- 1849 – The Portland Gas Light Company was established in Maine.
- 1852 – Formation of Fitchburg Gas and Electric Light Company in Massachusetts.
- 1901 – Creation of Concord Electric Company.
- 1908 – Founding of Exeter & Hampton Electric Company.
- 1979 – Incorporation of Northern Utilities, with roots linked to Portland Gas Light Company.
- 1984 – Establishment of Unitil Corporation as a public utility holding entity; Concord Electric and Exeter & Hampton Electric became subsidiaries; Unitil Service Corp. was set up to provide administrative support.
- 1992 – Completion of merger with Fitchburg Gas and Electric Light Company.
- 1993 – Launch of Unitil Resources, Inc., including affiliate Usource LLC offering energy brokerage services throughout the Northeast.
- 2002 – Integration of Concord Electric and Exeter & Hampton Electric into Unitil Energy Systems.
- 2008 – Acquisition of Northern Utilities and Granite State Gas Transmission.
- 2018 – Appointment of Tom Meissner as Chairman, CEO, and President.
Unitil’s revenue streams predominantly come from utility distribution via underground pipeline infrastructure, supplemented by energy consulting and real estate operations. In 2013, natural gas activities generated $170.4 million (46%) of total revenue, while electric services contributed $190.7 million (52%).
The company’s operations are divided into four segments: three fully owned distribution utilities—Unitil Energy Systems, Fitchburg Gas and Electric Light Company, Northern Utilities—and five subsidiaries that provide utility services along with management consulting.
Due to increased consumption during colder periods, natural gas sales rose significantly, leading Unitil to propose a $570 million investment aimed at expanding its distribution network. In early 2014, the company sought approval for a rate hike affecting customers in Greater Portland and Lewiston-Auburn, Maine; the Maine Public Utilities Commission granted a smaller increase than requested in recognition of elevated demand and severe weather conditions.