News Release
August 3, 2012
For
Release:
Immediately
Contact:
Investors: Stacey
A. Renner, (845) 486-5730
News
Media: Denise D. VanBuren, (845) 471-8323
CH Energy Group Reports Second-Quarter Earnings
(Poughkeepsie, NY) CH Energy Group, Inc. (NYSE:CHG) today filed its Report on Form 10-Q with the Securities and Exchange Commission, reporting second-quarter consolidated earnings of 11 cents per share, including earnings of 41 cents per share from its regulated utility Central Hudson Gas & Electric Corporation.
Chairman of the Board, President and C.E.O. Steven V. Lant said that following the shareholder approval of the proposed acquisition of the Company by Fortis Inc. (TSX:FTS) on June 19, the Company is continuing to pursue the remaining regulatory approvals necessary to complete the transaction, the most significant of which is approval by the New York Public Service Commission. Lant said the Company is continuing to respond to questions from the Public Service Commission on the April filing and that subject to regulatory approvals and other customary conditions, the transaction is still expected to close in the first quarter of 2013.
Financial statements and further information related to the proposed acquisition are available by logging onto the SEC Filings section of the Investor Relations page at www.CHEnergyGroup.com.
# # #
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 Corporationserves 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.
HUG#1631916
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