Unitil

What Unitil does

Unitil Corporation (NYSE: UTL), founded in 1984 and headquartered in Hampton, New Hampshire, is a public utility holding company delivering regulated electricity and natural gas distribution services across Maine, New Hampshire, and Massachusetts. The company serves approximately 110,100 electric customers and 105,000 natural gas customers across state-granted exclusive service territories, with revenue collected through rates set by state Public Utilities Commissions under cost-of-service regulation. Following the 2025 acquisitions of Bangor Natural Gas (January 2025) and Maine Natural Gas ($86M, November 2025), Unitil became the largest natural gas utility in Maine, serving approximately 90% of the state's gas customers. A pending acquisition of Aquarion water entities in New Hampshire for ~$57M signals further vertical expansion into regulated water utility services.

The company's technology backbone centers on Advanced Metering Infrastructure (AMI) deployed across Massachusetts (2025 complete) and New Hampshire (beginning January 2026 in Merrimack County), enabling 15-minute interval data collection, two-way communication, remote service management, and time-based rate structures including Time-of-Use and Electric Vehicle TOU programs. Supporting platforms include an outage management system, GIS mapping technology, a grid intelligence platform integrating distributed energy resources, and a utility-scale battery storage system in Massachusetts serving 1,300+ homes. The MyUnitil customer portal and mobile app (iOS/Android) provide digital self-service for account management, bill payment, energy usage monitoring, and outage reporting. Over 3,600 distributed energy resource interconnections have been successfully integrated. Advanced meters comply with NIST 800-53 cybersecurity guidelines.

Unitil's revenue model is subscription-recurring under regulated cost-of-service frameworks: distribution charges, transmission charges, and supply charges are billed monthly to residential, commercial, and industrial customer classes, with rates varying by jurisdiction. Differentiated products include Massachusetts Heat Pump Rates (seasonal discount Nov–Apr, ~$540 average winter savings), TOU and EV-TOU rates, net metering for customer-owned generation, an EasyCare rental program for water heaters and conversion burners, Energy Navigator personalized recommendations, and a Wholesale Distribution Service enabling storage customers to participate in New England wholesale markets. A $1.2 billion five-year capital investment plan through 2030 targets 6.5%–8.5% annual rate base growth, funded in part by a 1.4M-share public offering completed in August 2025. The company maintains a 42-year consecutive dividend payment streak with a current annualized dividend of $1.90 per share. FY2025 net income reached a record $50.2M, and Q1 2026 revenue grew 27% YoY to $216.9M.

Name

Unitil

Legal name

Unitil Corporation

Website

https://unitil.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Unitil Corporation is a publicly traded regulated utility holding company (NYSE: UTL) delivering electricity and natural gas distribution services to approximately 215,000 customers across Maine, New Hampshire, and Massachusetts, following 2025 acquisitions that made it the largest natural gas utility in Maine.

Ownership category

akta.pro rank

Product category

Regulated Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Natural Gas Distribution (221210), Electric Power Transmission, Control, and Distribution (22112), Electric Power Distribution (221122)

SIC

Electric Services (4911), Natural Gas Transmisison & Distribution (4923), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Investor-Owned Electric Distribution Utilities (IOUs) (EUADABAA)

akta.pro secondary industries

DER Dispatch, Aggregation & Virtual Power Plant (VPP) Integration (EUADALAI), Distribution Network O&M (MV/LV Lines, Switchgear, Transformers) (EUAEAGAE)

Keywords

• Regulated electric distribution
• Natural gas distribution
• Utility service territory
• Advanced metering infrastructure
• Energy efficiency programs

Headquarters

HQ city

Hampton

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Operations, Personnel, Supply Chain

Revenue model

1. Electric Distribution and Sales: Unitil provides regulated electric distribution and sales service to approximately 110,100 electric customers in New Hampshire and Massachusetts. Revenue is derived from distribution charges approved by state Public Utilities Commissions, with rates set to allow a return on invested capital in rate base.
2. Natural Gas Distribution and Sales: Unitil delivers natural gas to approximately 105,000 customers across Maine, New Hampshire, and Massachusetts. The company became the largest natural gas utility in Maine serving approximately 90% of gas customers following integration of Bangor Natural Gas and Maine Natural Gas acquisitions. Revenue comes from regulated distribution charges and gas commodity where applicable.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Unitil is a public utility holding company that delivers regulated electric distribution service to approximately 110,100 customers and natural gas distribution service to approximately 105,000 customers across Maine, New Hampshire, and Massachusetts. The company operates within state-granted exclusive service territories, with distribution rates set by state Public Utilities Commissions. It also offers supporting services including AMI smart metering, time-of-use rates, net metering, distributed energy resource interconnections, and the MyUnitil customer portal and mobile app.

Product overview

Unitil is a public utility holding company providing electric and natural gas distribution services across Maine, New Hampshire, and Massachusetts. The company's core offering is its regulated utility service, which delivers electricity to approximately 110,100 customers and natural gas to approximately 105,000 customers. The product portfolio centers on the Electric & Gas Utility Service with the MyUnitil customer portal and mobile app as the primary customer interface. Advanced Metering Infrastructure (AMI) forms the technology foundation, enabling detailed usage data, outage detection, and remote service management. The company offers differentiated rate products including Time-of-Use Rates and Electric Vehicle TOU rates, along with net metering and interconnection services for distributed generation. EasyCare provides rental appliances (water heaters, conversion burners). The Energy Navigator platform offers personalized energy solutions. Unitil has expanded through acquisitions of Bangor Natural Gas (January 2025) and Maine Natural Gas (November 2025), making it the largest natural gas utility in Maine.

Differentiator

Problem solved

Functional benefit

Brands

• MyUnitil: Customer portal and mobile app for managing gas and electric service accounts, viewing energy usage, and making payments
• EasyCare Program
• Energy Navigator

Products and services

• Electric & Gas Utility Service Regulated distribution of electricity and natural gas to approximately 110,100 electric customers and 105,000 gas customers across state-granted service territories in Maine, New Hampshire, and Massachusetts.
• MyUnitil Customer Portal and Mobile App Digital self-service portal and mobile app for account management, bill payment, energy usage monitoring, smart meter data access, and service requests for residential and business customers.
• Advanced Metering Infrastructure (AMI) Smart Meters Network of advanced electric meters enabling remote reading, real-time usage monitoring, outage detection, two-way communication, and 15-minute interval data collection.
• Time-of-Use Rate Programs Time-based electricity rates including Whole House TOU (NH residential) and Electric Vehicle TOU (NH and MA) that price electricity differently based on time of day.
• Heat Pump Seasonal Rate Discounted electricity rates for Massachusetts heat pump users from November through April, designed to encourage heat pump adoption and reduce winter heating costs by approximately $540 on average.
• Net Metering & Generator Interconnection Service allowing customers with on-site generation (solar, wind) to interconnect with Unitil's distribution grid and receive bill credits for surplus electricity exported, with over 3,600 interconnections completed.
• Wholesale Distribution Service for Energy Storage Delivery service for eligible Massachusetts electric customers with standalone energy storage systems interconnected to Unitil's distribution system for transacting in New England's wholesale electricity markets.
• EasyCare Rental Water Heater Program Rental program offering conversion burners and water heaters to eligible NH and Southern Maine gas customers with no upfront costs, 24/7 service, and monthly payments starting at $25.50.
• Budget Billing Plan Free payment plan offering fixed monthly payments to help residential customers avoid fluctuating energy costs throughout the year.
• Energy Navigator Platform Online platform providing tailored energy solutions and personalized recommendations to help customers reduce bills, minimize environmental impact, and understand energy usage.
• Maine Natural Gas Distribution Service Central Maine natural gas distribution system serving approximately 6,000 customers across 12 central and mid-coast Maine communities, acquired from Avangrid Enterprises for $86 million.
• Bangor Natural Gas Distribution Service Greater Bangor region natural gas service operating as a Unitil subsidiary following acquisition in January 2025, serving customers in the Bangor area as part of Unitil's Maine operations.

Quantifiable outcome

• 90%+ customer satisfaction rating
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability3 records

Feature5 records

Partnerships

One partnership is on record.

• Avangrid EnterprisescoreStrategic or Co-development PartnerUnitil completed acquisition of Maine Natural Gas Company from Avangrid Enterprises for $86 million in Q4 2025 (November 1, 2025 closing date). The acquisition was approved by Maine Public Utilities Commission on September 12, 2025. Maine Natural Gas served approximately 6,300 customers in central Maine, expanding Unitil's market share in Maine's natural gas sector to 40%. This acquisition, combined with the earlier Bangor Natural Gas acquisition, positioned Unitil as the largest natural gas utility in Maine serving approximately 90% of gas customers.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Liberty Utilities: Subsidiary of Algonquin Power & Utilities operating electric, natural gas, and water distribution across multiple U.S. states including New Hampshire. Competes directly with Unitil in NH electric distribution and is also subject to NH PUC rate cases.
• MGE Energy: Investor-owned public utility holding company providing electric and natural gas service in Wisconsin. Comparable small-cap regulated utility with similar customer count scale (~165K electric) and growth-via-clean-energy-investment strategy.
• Avangrid (Iberdrola subsidiary): Regulated energy delivery and generation company operating across New England and New York. Previously owned Maine Natural Gas, which it divested to Unitil in 2025, making it a former counterparty in the same competitive consolidation market.
• New Jersey Resources: Energy services holding company with regulated natural gas distribution serving New Jersey and clean energy ventures. Similar mid-cap gas distribution profile with focus on clean energy investments and infrastructure expansion.
• Spire Inc. Natural gas distribution utility serving approximately 1.7 million customers across Alabama, Mississippi, and Missouri. Comparable regulated gas utility with similar growth strategy combining infrastructure investment and disciplined acquisitions.
• Chesapeake Utilities Corporation: Small-cap regulated natural gas distribution and transmission utility serving customers across the Mid-Atlantic and Southeast. Comparable in size and growth-via-acquisition strategy to Unitil's natural gas business.
• National Grid (New England): International regulated utility operating electric and gas distribution in Massachusetts and New York, with material New England overlap. Direct competitor in Massachusetts gas distribution and operates under the same state regulatory framework as Unitil.
• Eversource Energy: Investor-owned regulated electric, natural gas, and water utility serving Connecticut, Massachusetts, and New Hampshire. Direct geographic and product overlap with Unitil across New Hampshire and Massachusetts electric distribution.

Broad incumbents

• NorthWestern Energy Group: Regulated electric and natural gas utility serving Montana, South Dakota, and Nebraska. Similar size, multi-jurisdictional IOU model, and asset growth via rate base expansion through capex programs.

Regional players

• Portland General Electric: Vertically integrated electric utility serving Oregon. Comparable mid-cap regulated utility with active grid modernization, AMI deployment, and DER integration — overlapping capabilities though operating in a different U.S. region than Unitil.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/unitil
• YouTubeyoutube.com/user/UnitilEnergy
• Facebookfacebook.com/unitil
• LinkedInlinkedin.com/company/unitil
• Instagraminstagram.com/unitilenergy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Unitil