Maine Public Utilities Commission granted Avangrid’s (NYSE:AGR) request for an exemption from approval requirements for a change in ownership of Avangrid (AGR) in connection with Iberdrola (OTCPK:IBDRY) acquisition of the remaining 18.4% shares Avangrid (AGR) that it does not currently own. Tuesday's vote follows recent action by the U.S. Federal Energy Regulatory Commission approving Iberdrola’s (OTCPK:IBDRY) acquisition of the remaining stake in Avangrid (AGR) and comes after Institutional Shareholder Services and Glass Lewis both recommended that Avangrid (AGR) shareholders vote “FOR” the adoption of the merger with Iberdrola (OTCPK:IBDRY). “This is a rare case in which the Commission has previously approved the very same corporate organizational structure that the Petitioners now propose...Importantly, those conditions include both extensive reporting requirements and “ringfencing” conditions designed to protect the Maine utilities from the impact of financial harm that may be experienced by affiliates.” said Maine Public Utilities Commission staff. The transaction is expected to close in Q4 2024.