CALGARY, ALBERTA (May 4, 2018)
Today, AltaGas Ltd. (AltaGas) (TSX:ALA) and WGL Holdings, Inc. (NYSE: WGL) (WGL) announced that they have reached a settlement in principle with key stakeholders in Washington D.C., including the Government of the District of Columbia, the Office of the People’s Counsel, the Laborers’ International Union of North America, its affiliated District Council, and Local Unions serving or located in Washington D.C. (collectively, LiUNA), the United States Department of Defense, the National Consumer Law Center/National Housing Trust-Enterprise Preservation Corporation (collectively NCLC), and the Apartment and Office Building Association.
All key parties have now reached an understanding on settlement terms, clearing a path for review and approval by the Public Service Commission of the District of Columbia (DC PSC). The approval by the DC PSC is the final outstanding regulatory approval required for the AltaGas and WGL merger. The settlement terms are to be provided to the DC PSC by May 8, 2018.
“We are very pleased to have reached settlement terms in principle in the District of Columbia that meet our expectations,” said David Harris, President and Chief Executive Officer of AltaGas. “Together, AltaGas and WGL will be in an even stronger position to deliver exceptional service at affordable rates, more investment in the community and workforce training programs, more clean energy choices for customers, and good, secure jobs.”
“We are confident that our combination with AltaGas will benefit the economy of Washington, D.C. and the entire region,” said Terry D. McCallister, Chairman and CEO of WGL, the parent company of Washington Gas. “Since announcing our plan to combine in early 2017, AltaGas and WGL have worked constructively with all stakeholders to ensure that the combination will benefit District residents and citizens across all of WGL’s service area.”
The combination of AltaGas and WGL will bring together high quality, low-risk, long-lived infrastructure assets with a premier North American footprint. The combined entity will have over $20 billion in energy infrastructure assets and an enterprise value over $17 billion. This provides a strong platform for growth with approximately $4.5 billion in secured growth projects and approximately $1.5 billion of additional growth opportunities in advanced stages of development through 2021.
Learn more about the combination of AltaGas and WGL at www.wgldeliveringmore.com.
AltaGas is an energy infrastructure company with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca
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Headquartered in Washington, D.C., WGL is a leading source for clean, efficient and diverse energy solutions. With activities and assets across the U.S., WGL consists of Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency. Our calling as a company is to make energy surprisingly easy for our employees, our community and all our customers. Whether you are a homeowner or renter, small business or multinational corporation, state and local or federal agency, WGL is here to provide Energy Answers. Ask Us. For more information, visit us at www.wgl.com.
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Douglas Bonawitz Brian Edwards