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May 18, 2014
14:24 EDTUNSFortis to fund $30M in customer savings through UNS energy acquisition
Fortis and UNS Energy have agreed to provide customer bill credits totaling $30M over five years, as well as additional capital and enhanced consumer protections, as part of a settlement filed with the Arizona Corporation Commission, ACC, regarding Fortisí proposed acquisition of UNS Energy. The settlement, which was filed May 16, was endorsed by both companies, as well as by ACC Staff, the Residential Utility Consumer Office, RUCO, customer representatives, organized labor and other parties. It is subject to the review of the ACC, which could approve, reject or modify the proposed settlement. If approved, the transaction is expected to be finalized by the end of 2014. The $4.3B acquisition, which includes the assumption of $1.8B in debt, was approved by UNS Energy shareholders on March 26. Fortis has agreed that TEP and UES will remain headquartered in Tucson under local control with current management and staffing levels, and no planned changes to existing operations. Under terms of the settlement, customers of TEP and UES would receive bill credits totaling $10M in the first year after the transaction is finalized and $5M annually in years two through five. Fortis also has agreed to invest $220M of equity into TEP and UES through UNS Energy, $20M more than was proposed in the merger agreement signed by the two companies in December 2013.
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