CALGARY, May 8, 2018 /CNW/ – Today, AltaGas Ltd. (AltaGas) (TSX:ALA) and WGL Holdings, Inc. (NYSE: WGL) (WGL) announced that they have signed a unanimous settlement agreement with the key stakeholders in the Washington, D.C. regulatory proceedings with respect to AltaGas’ merger with WGL (the WGL Acquisition). Parties to the settlement include 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), Local 2 of the Office and Professional Employees International Union, AFL-CIO, the United States Department of Defense, the National Consumer Law Center/National Housing Trust Housing Association of Nonprofit Developers/Maryland Affordable Housing Coalition (collectively NCLC), and the Apartment and Office Building Association of Metropolitan Washington.
Under the terms of the settlement agreement, AltaGas and WGL have committed approximately $41 million in direct benefits for the District of Columbia. These benefits include, $26 million in rate credits distributable among both residential and non-residential customers in the District of Columbia; $4.2 million for energy efficiency and energy conservation initiatives; $1.5 million to the Washington Area Fuel Fund, including at least $260,000 earmarked specifically for qualifying D.C. customers; and $6 million over a two-year period to promote local employment in the energy sector in the District of Columbia. The settlement also includes provisions to create jobs in the District of Columbia. The settlement agreement has been filed with the Public Service Commission of the District of Columbia (DC PSC) and full terms of the settlement will be available on DC PSC’s website at https://www.dcpsc.org/.
“AltaGas is very pleased to be able to work collaboratively and successfully with all parties in the Washington, D.C. area,” said David Harris, President and Chief Executive Officer of AltaGas. “This agreement meets our expectations and delivers tangible benefits to all parties, customers and the region. Together, AltaGas and WGL will be in an even stronger position to deliver exceptional service at affordable rates, more investment in the community, workforce training programs, more clean energy choices for customers, and good, secure jobs.”
“For 170 years, we have dedicated ourselves to providing safe, reliable service to our customers in Washington, D.C. and our entire service territory. With today’s settlement filing with the DC PSC, we once again reaffirm our commitment to the District as we outline the many ways the D.C. community will benefit from our combination with AltaGas,” said Terry D. McCallister, Chairman and CEO of WGL, the parent company of Washington Gas. “Together, we’ll be a stronger company, well-positioned to deliver outstanding benefits for our community for decades to come. We look forward to working with the Commission in order to complete our combination in the near future.”
The Applicants have requested that the DC PSC establish a procedural schedule and timeline for its consideration of the settlement agreement and expect a ruling in that regard in the coming days. AltaGas continues to expect a mid-year 2018 close for the WGL Acquisition.
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.
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.