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UGI to Acquire Mountaineer Gas Company
December 30, 2020 GMT
VALLEY FORGE, Pa. (BUSINESS WIRE) Dec 30, 2020
UGI Corporation (NYSE: UGI) announced that it has signed a definitive agreement to acquire Mountaintop Energy Holdings LLC, owner of Mountaineer Gas Company (“Mountaineer”), the largest gas local distribution company in West Virginia for an enterprise value of $540 million, which includes the assumption of approximately $140 million of debt.
Highly strategic and complementary investment in a single-state utility adjacent to UGI’s existing utility footprint.
Enterprise value represents approximately 1.4 times projected 2021 rate base.
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Recently revised federal regulations concerning coal-fired power plants could mean another one will shut down by the end of the decade.
Last week, Appalachian Power announced it had submitted a request to the Public Service Commission of West Virginia for a rate increase to cover costs of environmental improvements at its three remaining coal-fired power plants in West Virginia: John Amos in Putnam County, Mountaineer in Mason County and Mitchell in Marshall County.
âOur request in the filing includes upgrades necessary to comply with the Coal Combustion Residuals (CCR) rule and Effluent Limitation Guidelines (ELG) rule at the Amos, Mountaineer and Mitchell plants, which would allow these plants to continue to operate through 2040. The filing also includes an alternative of CCR-only compliance for the Mitchell Plant, which would require retiring the plant in 2028,â Appalachian Power spokesman Phil Moye wrote in an email to The Herald-Dispatch.
Targeted News Service
CHARLESTON, West Virginia, Dec. 29 The Public Service Commission of West Virginia issued the following commission order (Case No. 20-0964-E-C):
DANIEL REEDY, Dandle, Boone County, Complainant, V. APPALACHIAN POWER COMPANY, a public utility, Defendant.
COMMISSION ORDER
On November 23, 2020, Daniel Reedy filed a verified formal complaint against Appalachian Power Company.
On November 23, 2020, this case was referred to the Division of Administrative Law Judges with a decision due date of August 21,2021.
On December 28, 2020, Commission Staff asserted that all parties were in agreement and had fully resolved all issues, and recommended that the case is ready for final disposition.