Exeter & Hampton Electric Company

Unitil Corporation

Company type	Public
Industry	Electric power, Natural gas
Predecessor	Portland Gas Light Company, Fitchburg Gas and Electric Light Company, Concord Electric Company, Exeter & Hampton Electric Company, Northern Utilities
Founded	1984
Headquarters	Hampton, New Hampshire , United States
Area served	New Hampshire, Massachusetts, Maine
Key people	Tom Meissner (Chairman, CEO, and President)
Products	Electricity distribution, Natural gas distribution, Energy brokerage and consulting services

Unitil Corporation is a regional utility company providing electricity and natural gas services across New Hampshire, Massachusetts, and Maine. Its origins trace back to the Portland Gas Light Company, founded in 1849. Incorporated in 1984, Unitil's corporate headquarters are located in Hampton, New Hampshire. The company holds a market capitalization of $686.51 million and delivers electric power to roughly 102,400 customers while supplying natural gas to more than 75,900 clients. Its customer base spans commercial, industrial, and institutional markets, including manufacturers of electronic components and educational organizations. The overall enterprise value of Unitil is estimated at $766.54 million. Additionally, Unitil manages U-source, a subsidiary specializing in energy brokerage and consulting services for clients nationwide.

Background

Unitil’s Historical Development

• 1849: Establishment of Portland Gas Light Company 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, which includes Portland Gas Light Company as a predecessor.
• 1984: Formation of Unitil Corporation as a publicly traded utility holding entity with Concord Electric and Exeter & Hampton Electric as subsidiaries; establishment of Unitil Service Corp. for administrative functions.
• 1992: Completion of merger with Fitchburg Gas and Electric Light Company.
• 1993: Launch of Unitil Resources, Inc., alongside affiliate Usource LLC providing energy brokerage throughout the Northeast region.
• 2002: Consolidation 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 generates most revenue from utility distribution services via underground pipeline networks coupled with energy consulting operations. In 2013, gas-related activities accounted for $170.4 million (46% of total revenue), while electricity operations contributed $190.7 million (52%). The company functions through three fully owned distribution utilities—Unitil Energy Systems, Fitchburg Gas and Electric Light Company, and Northern Utilities—and maintains five subsidiaries delivering utility and management services.

Recent expansion has been fueled by heightened natural gas demand during cold weather periods, leading to a $570 million capital expenditure plan aimed at enhancing distribution infrastructure. In early 2014, Unitil sought approval for a rate increase affecting customers in the Greater Portland and Lewiston-Auburn regions to accommodate rising demand; although the Maine Public Utilities Commission authorized the increase, it was reduced by approximately one-third.