Laclede Group announces sale of New England Gas Co to Algonquin Power The Laclede Group (LG) announced that Laclede has entered into an agreement with Algonquin Power & Utilities Corp that will allow an APUC subsidiary to assume Laclede's rights to purchase the assets of New England Gas Company, an operating division of Southern Union (SUG). APUC's acquisition of NEG is subject to approval from the Massachusetts Department of Public Utilities. Laclede and Southern Union filed for regulatory approval with the department on January 24. The Laclede subsidiary will remain obligated to acquire NEG pursuant to the terms of the initial agreement with Southern Union in the event that APUC is not able to satisfy all conditions to closing on or before October 14. The companies expect to close both of these transactions before the end of Q3. The transactions do not impact Laclede's acquisition of Southern Union's Missouri Gas Energy division, announced in December 2012.
Laclede reports Q1 NEE $1.04, consensus $1.11 Consolidated net income for the first quarter was $46.9 million compared to $47.1 million in the prior year period, reflecting flat earnings from the Gas Utility segment and lower earnings from Gas Marketing. the first quarter, the Gas Utility segment posted NEE of $50.0 million compared to $49.8 million a year ago. Gas Marketing net economic loss for the first quarter of fiscal 2016 was $0.3 million compared to NEE of $0.4 million in the prior year.