Central Hudson: Association with Fortis Will Benefit Customers
04 Maio 2013 - 8:53PM
Business Wire
CH Energy Group (NYSE:CHG) responded today to the Recommended
Decision by administrative law judges issued on May 3, 2013 on the
Joint Proposal to the New York State Public Service Commission for
approval of the acquisition of CH Energy Group and utility
subsidiary Central Hudson Gas & Electric Corporation by Fortis
Inc. The Recommended Decision is available on the Public Service
Commission’s website at www.dps.ny.gov.
The Recommended Decision is an advisory opinion that will be
considered by the Commission in determining whether to approve the
acquisition. The Recommended Decision maintains that without
modification of the terms of the Joint Proposal filed on January
25, 2013, the benefits of the acquisition are outweighed by
perceived detriments remaining after mitigation. Submissions
responding to the Recommended Decision are due by
May 17, 2013 with responses to submissions due by May 24,
2013.
“We intend to participate together with Fortis in further
proceedings and discussions with the Public Service Commission and
other parties to gain approval of the merger agreement,” said
Steven V. Lant, Chairman, President and CEO of CH Energy Group,
parent corporation of utility Central Hudson Gas & Electric
Corp. He noted that while there can be no assurance that such
approval will be granted, Central Hudson believes that the concerns
expressed in the Recommended Decision can be successfully resolved,
and that the transaction is expected to close during the second
quarter of 2013.
About CH Energy Group, Inc.: CH Energy Group, Inc. is
predominantly a regulated transmission and distribution utility,
headquartered in Poughkeepsie, NY. Central Hudson Gas &
Electric Corporation serves approximately 300,000 electric and
about 75,000 natural gas customers in eight counties of New York
State’s Mid-Hudson River Valley, delivering natural gas and
electricity in a 2,600-square-mile service territory that extends
north from the suburbs of metropolitan New York City to the Capital
District at Albany. CH Energy Group also operates Central Hudson
Enterprises Corporation (CHEC), a non-regulated subsidiary composed
primarily of Griffith Energy Services, which supplies energy
products and services to approximately 56,000 customers in the Mid
Atlantic Region, as well as several renewable energy
investments.
Forward-Looking Statements –
Statements included in this Quarterly Report on Form 10-Q and
any documents incorporated by reference which are not historical in
nature are intended to be, and are hereby identified as,
“forward-looking statements” for purposes of the safe harbor
provided by Section 21E of the Exchange Act. Forward-looking
statements may be identified by words including “anticipates,”
“intends,” “estimates,” “believes,” “projects,” “expects,” “plans,”
“assumes,” “seeks,” and similar expressions. Forward-looking
statements including, without limitation, those relating to CH
Energy Group’s and Central Hudson’s future business prospects,
revenues, proceeds, working capital, investment valuations,
liquidity, income, and margins, as well as the acquisition by a
subsidiary of Fortis Inc. and the expected timing of the
transaction, are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
indicated in the forward-looking statements, due to several
important factors, including those identified from time to time in
the forward-looking statements. Those factors include, but are not
limited to: the possibility that various conditions precedent to
the consummation of the proposed Fortis transaction will not be
satisfied or waived including regulatory approvals of the proposed
Fortis transaction on the timing and terms thereof; the impact of
delay or failure to complete the proposed Fortis transaction on CH
Energy Group stock price; deviations from normal seasonal weather
and storm activity; fuel prices; energy supply and demand;
potential future acquisitions; legislative, regulatory, and
competitive developments; interest rates; access to capital; market
risks; electric and natural gas industry restructuring and cost
recovery; the ability to obtain adequate and timely rate relief;
changes in fuel supply or costs including future market prices for
energy, capacity, and ancillary services; the success of strategies
to satisfy electricity, natural gas, fuel oil, and propane
requirements; the outcome of pending litigation and certain
environmental matters, particularly the status of inactive
hazardous waste disposal sites and waste site remediation
requirements; and certain presently unknown or unforeseen factors,
including, but not limited to, acts of terrorism. CH Energy Group
and Central Hudson undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise. Given these uncertainties, undue
reliance should not be placed on the forward-looking
statements.
Additional Information about the Fortis Transaction and Where
to Find It
In connection with the proposed acquisition of CH Energy Group
by Fortis, CH Energy Group filed a definitive proxy statement with
the SEC on May 9, 2012, and has filed other relevant materials with
the SEC as well. Investors and security holders of CH Energy Group
are urged to read the proxy statement and other relevant materials
filed with the SEC because they contain important information about
the proposed acquisition and related matters. Investors and stock
shareholders may obtain a free copy of the proxy statement when it
becomes available, and other documents filed by CH Energy Group, at
the SEC’s Web site, www.sec.gov. These documents can also be
obtained by investors and stockholders free of charge from CH
Energy Group at CH Energy Group’s website at
www.chenergygroup.com, or by contacting CH Energy Group’s
Shareholder Relations Department at (845) 486-5204.
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