On January 16, the Public Utility Commission approved a settlement regarding a joint application by Aqua America, Inc, and its subsidiaries, Aqua Pennsylvania, Inc. and Aqua Pennsylvania Wastewater, Inc., together with Peoples Natural Gas Company LLC, Peoples Natural Gas Company LLC – Equitable Division, and Peoples Gas Company LLC (collectively, the Peoples Companies), for Aqua America to acquire ownership of the Peoples Companies.
The Commission voted 4-1 to approve a motion from Vice Chairman David W. Sweet, approving the Joint Petition for Settlement, with Commissioner Place dissenting.
The settlement includes commitments regarding infrastructure replacement, employment levels, rate credits, and enhancements in a variety of areas, including customer service and reliability, universal service, financial governance, and retail competition.
Numerous parties voiced their support for the settlement, including Aqua; the Peoples Companies; the Pennsylvania the Office of Consumer Advocate (OCA); the Coalition of Affordable Utility Service and Energy Efficiency in Pennsylvania (CAUSE-PA); Direct Energy Business Marketing, LLC and Direct Energy Small Business Marketing, LLC (collectively, Direct Energy); various the Natural Gas Supplier Parties and the Retail Energy Supply Association (NGS/RESA); the Pennsylvania Independent Oil and Gas Association (PIOGA), Laborers’ District Council of Western Pennsylvania; and Utilities Workers Union of America, Local 612.
Aqua America and its subsidiaries provide water and/or wastewater service to approximately three million customers in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, and Virginia – including services to over 430,000 customers across thirty-two counties in Pennsylvania.
The Peoples companies provide natural gas services to approximately 680,000 Pennsylvania customers in all or portions of Allegheny, Armstrong, Beaver, Blair, Butler, Cambria, Clarion, Clearfield, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington, and Westmoreland counties.
According to the joint application filed by Aqua and the Peoples Companies, the transaction has a purchase price of $4.275 billion.
[Posted: January 16, 2019] PA Environment Digest
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