PSC approves Fortis-CH Energy deal

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Published: 12:00 PM - 06/13/13

ALBANY - The New York State Public Service Commission unanimously approved Fortis' acquisition of CH Energy Group, the parent company of Central Hudson Gas & Electric Corp.

The commission's 4-0 vote during Thursday's meeting removes the final regulatory hurdle for the deal, which was first announced in February 2012.

The deal is expected to close "shortly after receipt, review and acceptance of the official written order" of the PSC, according to a statement by CH Energy. The $1.5 billion acquisition includes the assumption of $500 million in debt. CH Energy shareholders will receive $65 for each share of stock they own, representing a premium of about 11 percent over the price prior to the announcement of the deal.

The members of the commission all remarked on the outpouring of public opposition to the deal, but added that more people started expressing their support for it as time went on. The balance between supporters and opponents factored into the board's decision to approve the acquisition.

CH Energy officials on hand for Thursday's PSC meeting declined to comment on the decision.

A handful of opponents were also in attendance.

"We're going in the wrong direction," said Susan Gillespie, a leader in the opposition movement. "We failed as a state and a democracy."

Assemblyman Kevin Cahill, who has repeatedly questioned the deal since its announcement, said he was disappointed in the PSC decision and thinks it's possibly illegal due to revisions that were added to the deal after its submission to the PSC. Cahill said his office would be reviewing its legal options and speaking to other advocates to possibly challenge and reverse the decision.

Originally expected to close earlier this year, the merger was beset in recent months by a surge in opposition from municipalities and environmental groups. In early May, a panel of PSC administrative law judges expressed strong reservations regarding the deal.

In response, the companies enhanced their proposed public benefits package. Key terms include:

- The rates customers pay for delivery will not change for a three-year period from July 1, 2012, through July 1, 2015.

- Central Hudson will make $215 million in capital expenditures during this period, including an estimated $50 million to improve storm resiliency.

- All jobs will be retained for at least four years, and about 35 new union positions will be added.

- Central Hudson's community support will continue for at least 10 years.

- $5 million will be allocated toward economic development and low-income programs.

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Source: http://recordonline.com/apps/pbcs.dll/article?AID=/20130613/BIZ/130619842/-1/rss06

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