Unitil Corporation

Unitil Corporation

Company type	Public
Industry	Energy (Electricity and 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 , United States
Area served	New Hampshire, Massachusetts, Maine
Key people	Tom Meissner (Chairman, CEO, President)
Products	Electricity distribution, Natural gas distribution, Energy brokerage and consulting services (through subsidiary Usource)

Unitil Corporation operates as a multi-state utility company providing electricity and natural gas services across New Hampshire, Massachusetts, and Maine. Established in 1984 and based in Hampton, New Hampshire, Unitil's origins date back to the 1849 founding of the Portland Gas Light Company. With a market capitalization of $686.51 million, Unitil supplies energy to roughly 102,400 electric customers and more than 75,900 natural gas clients. Its service area encompasses commercial, industrial, and institutional markets, including sectors such as electronics manufacturing and educational institutions. The company’s enterprise value is estimated at $766.54 million. Unitil’s non-utility business operations are conducted through its subsidiary U-source, which specializes in nationwide energy brokerage and consulting services.

Background

Unitil’s Historical Timeline

• 1849 – The Portland Gas Light Company is established in Maine.
• 1852 – Fitchburg Gas and Electric Light Company is created to provide gas lighting for Fitchburg, Massachusetts streets.
• 1901 – Formation of Concord Electric Company.
• 1908 – Establishment of Exeter & Hampton Electric Company.
• 1979 – Incorporation of Northern Utilities, which includes Portland Gas Light Company as a predecessor entity.
• 1984 – Unitil Corporation is formed as a publicly traded utility holding company, with Concord Electric and Exeter & Hampton Electric as subsidiaries; Unitil Service Corp. is also founded to provide administrative support.
• 1992 – Completion of merger with Fitchburg Gas and Electric Light Company; Fitchburg continues to operate as an independent utility.
• 1993 – Launch of Unitil Resources, Inc., with affiliate Usource LLC delivering energy brokerage services throughout the Northeast.
• 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’s primary revenue streams come from utility distribution via underground pipelines alongside energy consulting activities. In 2013, revenues from natural gas operations amounted to $170.4 million, representing 46% of total income, while electricity operations accounted for $190.7 million or 52%.

The company functions through four main segments: three fully owned distribution utilities—Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, Northern Utilities, Inc.—and five subsidiaries that provide utility-related services and management consulting.

Heightened natural gas consumption during colder periods led Unitil to propose a $570 million capital expenditure plan aimed at expanding its distribution network.

In early 2014, due to elevated demand coupled with severe winter weather, Unitil sought approval for increased rates affecting customers in Greater Portland, Maine and Lewiston-Auburn. The Maine Public Utilities Commission authorized a rate adjustment that was one-third less than the initial proposal.