CH Energy Group Inc : CH Energy Group and Fortis Transaction Approved by Federal Energy Regulatory Commission
07/05/2012| 10:59am US/Eastern
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New Release
July 5, 2012
For Release: Immediately
Contact:
Denise D. VanBuren, (845) 471-8323
CH Energy Group and Fortis Transaction Approved by
Federal Energy Regulatory Commission
(Washington, D.C.) The Federal Energy Regulatory Commission
("FERC") has approved the acquisition of CH Energy
Group, Inc. ("CH Energy Group") (NYSE:CHG) by
Fortis Inc. ("Fortis" or the
"Corporation") (TSX:FTS), finding the transaction
is consistent with the public interest.
The ruling is the next step toward finalizing the
transaction. CH Energy Group shareholders approved of the
acquisition on June 19, 2012. The transaction remains subject
to review by the Committee on Foreign Investment in the
United States, the U.S. Department of Justice, the Federal
Trade Commission and the New York State Public Service
Commission.
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About Fortis: Fortis is the largest investor-owned
distribution utility in Canada, with total assets of more
than $14 billion and fiscal 2011 revenue totalling
approximately $3.7 billion.The Corporation serves
more than 2,000,000 gas and electricity customers. Its
regulated holdings include electric distribution utilities in five
Canadian provinces and two Caribbeancountries and a
natural gas utility in British Columbia, Canada. Fortis owns
and operates non-regulated generation assets across Canada and in
Belize and Upstate New York.The Corporation also
owns hotels and commercial office and retail space in
Canada.
About CH Energy Group: CH Energy Group is predominantly
an energy delivery companyheadquartered in
Poughkeepsie, New York. Regulated transmission and
distribution subsidiaryCentral Hudson Gas &
Electric Corporation, which accounted for approximately 97%
of CH Energy Group's net income in 2011, serves
approximately 300,000 electric and 75,000 natural gas
customers in eight counties of New York State's
Mid-Hudson River Valley.
Forward-Looking Statements Statements included in this communication 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 Securities Exchange Act of 1934, as
amended. 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,
Inc.'s and Central Hudson Gas & Electric
Company's future business prospects, revenues,
proceeds, working capital, investment valuations,
liquidity, income, and margins, as well as the proposed
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; the ability to obtain regulatory approvals of the
proposed Fortis transaction and the timing thereof;
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;
certain presently unknown or unforeseen factors,
including, but not limited to, acts of terrorism; and
other factors described in, or incorporated by reference
in, CH Energy Group Inc.'s proxy statement filed with
the U.S. Securities and Exchange Commission (the
"SEC"). 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.
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