Spain’s Iberdrola has recently announced that it has decided to sell three United States Gas utilities for $1.3 billion to lift up funds for construction of a transmission line joining New England and Canada.

As per the statement released by the Spanish electricity maker, Connecticut Natural Gas Corp., Southern Connecticut Gas Co. and Berkshire Gas Co. are being sold to UIL Holdings Corporation, the Connecticut-based parent company of United Illuminating Company.

Spain’s largest utility Iberdrola (IBE. MC) has recently released in a report that it has managed to generate 15.4 percent more electricity in the first quarter of this year from the same period last year, mainly due to growth in hydropower.

According to the statement released by the company, it had generated 42,454 gigawatt-hours of electricity all over the world in the first three months of this year, of which hydropower totaled for 20.8 percent and which had increased by 135.1 percent, year-on-year.

Iberdrola, Spain's largest electricity company, has announced that it has recorded flat profits in third quarter of 2009 even though the company is recovering fast from the economic slowdown.

The company has predicted its business to improve by the end of the existing year.

The power group has posted a net profit of 552.6 million euros in the third quarter of 2009 as compared to the 522.1 million euros for the corresponding quarter a year ago.