All Regulatory Approvals Necessary to Close AltaGas Ltd.’s Acquisition of WGL Holdings, Inc. are Complete with Approval of the Public Service Commission of the District of Columbia
Together, the combined energy companies will be in a stronger position
to deliver exceptional service at affordable rates, invest more in the
community, provide additional clean energy choices to customers, and add
good, secure jobs in
“We are pleased to announce that the
“As we look forward, we see significant opportunity to be at the
forefront of the new energy economy. The combination of
“This merger brings together two complementary energy companies that
will deliver more value for customers by providing a variety of energy
products and services and investing in the communities we serve,” said
Mr.
WGL shareholders approved the merger in
The DC PSC voted unanimously in favor of the merger on
$20.4 million in rate credits for residential customers resulting in a$150 credit for each D.C. residential heating customer.$5.4 million for one-time rate credits for non-residential customers in D.C.$6 million to support workforce development initiatives in D.C., such as the Mayor’sD.C. Infrastructure Academy .$4.2 million for energy efficiency improvements for low-income qualified residential customers, including those who live in multi-family buildings.$4 million to repair non-hazardous gas leaks more quickly.-
Develop a new 10MW electric grid energy storage or Tier 1 Renewable
Resource in the
District of Columbia , using best efforts to target the project in capacity constrained electric distribution areas, with a commitment that the operation of such facility will provide jobs for D.C. residents.
The companies have also made commitments to support all Washington Gas’
service territories in the
$12 million in charitable contributions and local community support in theWashington, D.C. , metropolitan area over the next 10 years, with at least$210,000 in contributions annually to organizations serving D.C. residents.$1.5 million over five years to help pay gas bills forWashington Gas low- and moderate-income customers, with at least$260,000 dedicated solely to D.C. residents, administered through theWashington Area Fuel Fund .$2.4 million over five years to add an additional Pipeline Damage Prevention Trainer/Educator in each jurisdiction.$350,000 in incremental funding for pipeline damage prevention awareness and education across all threeWashington Gas jurisdictions.$450,000 for a renewable bio natural gas study.
In its efforts to ensure that ratepayers are well served by the merger,
the Commission outlined additional conditions, which were consistent
with the commitments proposed in the unanimous settlement agreement by
McCallister reinforced the many positive aspects of this combination for
customers and the local community, emphasizing that
“We will ensure a smooth transition process so that customers can look
forward to enjoying the same exceptional level of service from our
committed employees, and to receiving dependable energy services for
many years ahead,” McCallister said. “We will continue to be based in
Upon today’s filing with the Commission of full acceptance of the its
order with conditions, and pursuant to the companies’ original merger
agreement,
The following is a timeline of the approvals received throughout the regulatory review process:
Shareholders
-
Approval from
WGL Holdings, Inc. shareholders onMay 10, 2017
Federal
-
Approval from the
Federal Energy Regulatory Commission (FERC), an independent agency that regulates the interstate transmission of natural gas, electricity and oil, onJuly 6, 2017 -
Expiration of the waiting period as of
July 17, 2017 , pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), when the merger was deemed approved by theFederal Trade Commission and theDepartment of Justice -
Approval from the Committee on Foreign Investment in
the United States (CFIUS) onJuly 28, 2017
State
-
Approval from the
Virginia State Corporation Commission onOctober 20, 2017 -
Approval from the
Maryland Public Service Commission onApril 4, 2018 -
Approval from the
Public Service Commission of the District of Columbia onJune 29, 2018 .
About WGL
WGL (NYSE: WGL), headquartered in
Forward-Looking Statements
This news release and other statements by us include forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to the merger with
View source version on businesswire.com: https://www.businesswire.com/news/home/20180702005968/en/
Source:
WGL Holdings, Inc.
News Media:
Brian Edwards,
202-624-6620
or
Financial Community:
Douglas
Bonawitz, 202-624-6129