AltaGas To Relocate U.S. Power Biz Under WGL Merger Settlement

A settlement agreement among AltaGas, Washington Gas Light, the Maryland Energy Administration, and several counties that recommends approval of AltaGas's acquisition of Washington Gas Light would see AltaGas relocate its U.S. power business

Specifically, within twelve months after Merger Close, the head office of the AltaGas U.S. power business, including the Primary office of the President of AltaGas's U.S. power businesses, will be relocated to Prince George's County, Maryland. Additional U.S. power business functions available to be transitioned to Prince George's County, Maryland within five years after Merger Closing include corporate accounting, human resources, and tax and risk management.

Another condition of the settlement is that AltaGas shall, within five years after Merger Close, develop or cause to be developed 5 megawatts (MW) of either electric grid energy storage; Tier 1 renewable resources, combined heat and power resources, or other distributed generation in Maryland. AltaGas will not seek to recover the costs of these projects through Washington Gas's utility rates.