Algonquin Power & Utilities Corp. announced that effective Dec. 20, 2013, Liberty Utilities, APUC's regulated distribution utility, has closed on a series of transactions resulting in the acquisition of the Massachusetts natural gas distribution utility assets ("New England Gas Assets") of Southern Union Company, a wholly owned indirect subsidiary of Energy Transfer Partners, L.P. The acquisition of New England Gas Assets was originally announced in February 2013 and regulatory approval was received from the Massachusetts Department of Public Utilities in early December.
The New England Assets provide natural gas service to approximately 53,000 customers in Massachusetts, bringing the total customer count to over 470,000 for Liberty Utilities.
"The acquisition of the New England natural gas utility provides the opportunity for Liberty Utilities to participate in the supportive Massachusetts regulatory environment," said Ian Robertson, chief executive officer, APUC. "This acquisition opens another market for the company to expand its regulatory footprint and execute on its organic growth strategy in 2014."
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified $3.2 billion portfolio of regulated and non-regulated utilities in North America. The company's regulated utility business is committed to provide water, electricity and natural gas utility services to over 470,000 customers through a nationwide portfolio of regulated generation, transmission and distribution utility systems.
The company's non-regulated electric generation subsidiary owns or has interests in renewable energy and thermal energy facilities representing more than 1,100 MW of installed capacity. Algonquin Power & Utilities Corp. delivers continuing growth through an expanding pipeline of renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN and AQN.PR.A respectively.
Visit Algonquin Power and Utilities at www.AlgonquinPowerandUtilities.com and follow on Twitter at @AQN_Utilities.
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