Profile: Unitil Corp (UTL)

UTL on New York Consolidated

36.27USD
18 Dec 2014
Price Change (% chg)

$0.41 (+1.14%)
Prev Close
$35.86
Open
$36.06
Day's High
$36.31
Day's Low
$35.92
Volume
35,859
Avg. Vol
57,772
52-wk High
$36.49
52-wk Low
$29.05

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Unitil Corporation (Unitil), incorporated on September 7, 1984, is a public utility holding company. Unitil’s is engaged in distribution of electricity and natural gas throughout its service territories in the states of New Hampshire, Massachusetts and Maine. The Company has three wholly owned distribution utilities: Unitil Energy Systems, Inc. (Unitil Energy), which provides electric service in the southeastern seacoast and state capital regions of New Hampshire, including the capital city of Concord; Fitchburg Gas and Electric Light Company (Fitchburg), which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts, and Northern Utilities, Inc. (Northern Utilities), which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland, in northern New England. Unitil operates its business in four segments: utility electric operations, utility gas operations, other, and non-regulated. Its wholly owned subsidiary, Granite State Gas Transmission, Inc. (Granite State), is an interstate natural gas transmission pipeline company that provides interstate natural gas pipeline access and transportation services to Northern Utilities in its New Hampshire and Maine service territory. On July 31, 2012, the NHPUC approved Unitil Energy’s request to modify its Default Service solicitation to a process where 100% of the Default Service requirements are acquired for six months.

Unitil also has three other wholly owned subsidiaries: Unitil Service Corp. (Unitil Service), Unitil Realty Corp. (Unitil Realty), and Unitil Resources, Inc. (Unitil Resources). Unitil Service provides administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology and energy supply management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire. Unitil Resources is the Company’s wholly owned non-regulated subsidiary. Usource, Inc. and Usource L.L.C. (collectively, Usource) are indirect subsidiaries that are wholly owned by Unitil Resources. Usource provides energy brokering and advisory services to commercial and industrial customers.

Natural Gas Operations

Unitil’s gas operations include gas distribution utility operations and interstate gas transmission pipeline operations. During the year ended December 31, 2012, Unitil’s gas operations were about 45% of its total operating revenue.

Natural Gas Distribution Utility Operations

Unitil’s natural gas distribution operations are conducted through two of the Company’s operating utilities, Northern Utilities and Fitchburg. The primary business of Unitil’s natural gas utility operations is the local distribution of natural gas to customers in its service territory in New Hampshire, Massachusetts and Maine. Natural gas is supplied and distributed by Northern Utilities to approximately 58,300 customers in 44 New Hampshire and southern Maine communities, from Plaistow, New Hampshire in the south to the city of Portland, Maine and then extending to Lewiston-Auburn, Maine in the north. Northern Utilities has a diversified customer base both in Maine and New Hampshire. Commercial businesses include healthcare, education, government and retail. Northern Utilities’ industrial base includes manufacturers in the auto, housing, rubber, printing, textile, pharmaceutical, electronics, wire and food production industries as well as a military installation.

Natural gas is supplied and distributed by Fitchburg to approximately 15,400 customers in the communities of Fitchburg, Lunenburg, Townsend, Ashby, Gardner and Westminster, all located in Massachusetts. Fitchburg’s industrial customers include paper manufacturing and paper products companies, rubber and plastics manufacturers, chemical products companies and printing, publishing and associated industries.

Gas Transmission Pipeline Operations

Granite State is an interstate natural gas transmission pipeline company, operating 86 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three natural gas pipelines and access to North American pipeline supplies.

Electric Distribution Utility Operations

Unitil’s electric distribution operations are conducted through two of the Company’s utilities, Unitil Energy and Fitchburg. During 2012, the Company’s electric utility operations were about 53% of its total operating revenue. The primary business of Unitil’s electric utility operations is the local distribution of electricity to customers in its service territory in New Hampshire and Massachusetts. Unitil Energy distributes electricity to approximately 73,300 customers in New Hampshire in the capital city of Concord, as well as parts of 12 surrounding towns and all or part of 18 towns in the south-eastern and seacoast regions of New Hampshire, including the towns of Hampton, Exeter, Atkinson and Plaistow. Unitil Energy’s service territory consists of approximately 408 square miles. In addition, Unitil Energy’s service territory consists of retail trading and recreation centers for the central and south-eastern parts and includes the Hampton Beach recreational area. These areas serve commercial and industrial businesses, including manufacturing firms engaged in the production of electronic components, wires and plastics, healthcare and education.

Fitchburg is engaged in the distribution of both electricity and natural gas in the greater Fitchburg area of north central Massachusetts. Fitchburg’s service territory encompasses approximately 170 square miles. Electricity is supplied and distributed by Fitchburg to approximately 28,400 customers in the communities of Fitchburg, Ashby, Townsend and Lunenburg. Fitchburg’s industrial customers include paper manufacturing and paper products companies, rubber and plastics manufacturers, chemical products companies and printing, publishing and associated industries and educational institutions.

Non-Regulated and Other Non-Utility Operations

Unitil’s non-regulated operations are conducted through Usource, a subsidiary of Unitil Resources. Usource provides energy brokering and advisory services to a national client base of commercial and industrial customers.

Company Address

Unitil Corp

6 Liberty Lane West
HAMPTON   NH   03842-1720
P: +1603.7720775
F: +1603.7736605

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