(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 Caribbean
countries 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 company
headquartered in Poughkeepsie, New York. Regulated transmission and distribution subsidiary
Central 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.
For more information, visit www.CHEnergyGroup.com and www.FortisInc.com.
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.