|September 10, 2012|
|For Release: Immediately|
Energy Issues Highlight Central Hudson’s Annual ‘Power Breakfast’
(Newburgh, NY) Investments of $660 million in the region’s energy infrastructure, $20 million worth of customer benefits related to a pending merger with the largest utility in Canada, and the latest updates on Smart Grid technologies were among the many energy-related topics discussed at Central Hudson Gas & Electric Corporation’s annual “Power Breakfast” held this morning on the Newburgh waterfront.
Central Hudson was founded in 1900 in the City of Newburgh, which was also the site of Thomas Edison’s second central generating station. “From our beginnings here in Newburgh, Central Hudson grew to eventually serve more than 90 communities with a combined population of 680,000 residents in portions of eight counties here in Mid-Hudson Valley,” Steven V. Lant, Chairman of the Board, President and Chief Executive Officer of CH Energy Group, Inc., parent of Central Hudson, told the approximately 100 community leaders who attended. “Now, we’re embarking on the next chapter in that story with our proposed merger with Canada’s Fortis Inc., which serves more than 2 million customers through six separate utilities. We will be their first American acquisition and we’re excited about the future.”
Lant said the merger, if approved by the New York State Public Service Commission, is proposed to provide significant benefits for customers. “In addition to more than $20 million in savings promised to our customers, including a one-year rate freeze, the merger will provide access to both the capital necessary to invest in our electric and gas systems and the best practices of the Fortis member companies. Importantly, the merger will also provide substantial local autonomy so that our customers’ needs will continue to be met by local people who know and live in local communities,” he said.
Lant discussed the $660 million that the utility will be invest in the region’s electric and natural gas systems during the next five years, and cited an approximately $15 million project to rebuild an electric transmission line that serves communities from Walden to Rock Tavern in Orange County as just one example of projects currently underway through which Central Hudson is investing to improve the reliability of service for its customers.
Lant also described:
“Central Hudson has been an integral part of this region for more than a century,” said Lant. “We are confident that the newest chapter as a part of the Fortis family of utility companies is one that will further enhance our efforts and our progress. Our employees, company name and offices will not change. Nor will our dedication to our customers and the communities we serve,” he said.
Lant closed by presenting a sponsorship in support of “Newburgh Illuminated,” a festival planned by the City of Newburgh in June 2013 to celebrate the city’s past, present and future. “We’re delighted to participate in this upcoming festival to celebrate Central Hudson’s origins here in Newburgh,” he said.
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Steven V. Lant, Chairman of the Board, President and Chief Executive Officer of CH Energy Group, Inc., parent of Central Hudson Gas & Electric Corp., presents a $10,000 sponsorship check from Central Hudson for the Newburgh Illuminated festival. Newburgh City Historian Mary McTamaney, center, and City of Newburgh Deputy Mayor Regina Angelo, right, accept the check on behalf of the Newburgh Illuminated festival during Central Hudson's Power Breakfast on Monday, Sept. 10, 2012.