Portland Gas Light Company

Unitil Corporation

Company type	Public
Industry	Electric power and natural gas utility
Predecessor	Portland Gas Light Company (est. 1849)
Founded	1984
Headquarters	Hampton , United States
Area served	New Hampshire, Massachusetts, Maine
Key people	Tom Meissner (Chairman, CEO, President)
Products	Electricity, natural gas, energy brokerage and advisory services
Website	www.unitil.com

Unitil Corporation functions as a multi-state utility provider of electricity and natural gas across New Hampshire, Massachusetts, and Maine. Tracing its origins back to the Portland Gas Light Company, which was established in 1849, Unitil itself was formed in 1984 and is based in Hampton, New Hampshire. The company holds a market value of $686.51 million and delivers electric power to nearly 102,400 clients, while serving more than 75,900 customers with natural gas. Its clientele spans commercial, industrial, and institutional markets. The total enterprise valuation of Unitil is $766.54 million. Additionally, Unitil owns a non-utility subsidiary named U-source that specializes in nationwide energy brokerage and advisory services.

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 – Founding of Concord Electric Company.
• 1908 – Creation of Exeter & Hampton Electric Company.
• 1979 – Incorporation of Northern Utilities, encompassing predecessors of Portland Gas Light.
• 1984 – Formation of Unitil Corporation as a publicly traded utility holding company; Concord Electric and Exeter & Hampton Electric became subsidiaries; Unitil Service Corp. was created to provide administrative support.
• 1992 – Fitchburg Gas and Electric Light Company merged into Unitil.
• 1993 – Establishment of Unitil Resources, Inc., including affiliate Usource LLC for energy brokerage services within the Northeast.
• 2002 – Consolidation of Concord Electric and Exeter & Hampton Electric into Unitil Energy Systems.
• 2008 – Acquisition completed for Northern Utilities and Granite State Gas Transmission.
• 2018 – Appointment of Tom Meissner as Chairman, CEO, and President.

Unitil’s income is primarily generated through utility distribution networks utilizing underground pipelines alongside its energy consulting operations. In 2013, revenues from gas services reached $170.4 million, representing 46% of total revenue, whereas electricity services contributed $190.7 million or 52%.

The organization conducts business through four main segments: three fully owned distribution utilities—Unitil Energy Systems, Fitchburg Gas and Electric Light Company, Northern Utilities—and five subsidiaries engaged in utility service provision and management consulting.

Due to colder climate conditions increasing natural gas consumption, Unitil initiated a $570 million capital expenditure plan aimed at expanding its distribution infrastructure and broadening its customer base.

In early 2014, the company sought approval for a rate hike affecting consumers in Greater Portland, Maine and Lewiston-Auburn regions to address heightened demand; the Maine Public Utilities Commission sanctioned a smaller increase than initially requested.