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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 Fortis’ 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.
News For UNS From The Last 14 Days
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August 15, 2014
11:49 EDTUNSUNS Energy announces completion of acquisition by Fortis
Fortis completed its acquisition of UNS Energy. UNS Energy’s stock will not trade on the New York Stock Exchange after today. As previously announced, UNS Energy’s Board of Directors declared a dividend subject to pro rata adjustment based on the closing date of the company’s acquisition by Fortis. Now that the acquisition is complete, the dividend amount is determined to be 36.923c per share, which will be paid to shareholders of record as of August 15 and payable as soon as practical thereafter.
August 13, 2014
17:20 EDTUNSProvidence Service to replace UNS Energy in S&P 600 as of 8/15 close
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August 12, 2014
15:32 EDTUNSACC approves Fortis acquisition of UNS Energy
The Arizona Corporation Commission issued its final written approval of the acquisition of UNS Energy by Fortis, Canada’s largest investor-owned electric and gas distribution utility holding company. By a unanimous vote, the ACC concluded the acquisition will serve the public interest by generating benefits for UNS Energy subsidiaries Tucson Electric Power and UniSource Energy Services and their customers. Both companies will have stronger balance sheets and improved access to capital, while customers will receive bill credits totaling $30M over five years under terms of a settlement approved by the ACC. Under terms of the settlement approved by the ACC, TEP and UES will remain headquartered in Tucson under local control with current management and staffing levels. The settlement includes provisions intended to protect each regulated utility and its customers, including a requirement that UNS Energy be overseen by an independent board of directors, a majority of whom are Arizona residents. Once the transaction is completed, TEP and UES will proceed with plans to apply “acquisition credits” to customers’ bills from October through March for the next five years. The resulting savings will range from about $1 per month for residential customers to $200 per month for the largest commercial and industrial customers. Additional first-year savings will be realized through temporary reductions in usage-based charges from October 2014 through March 2015; those savings will vary with consumption.
August 7, 2014
17:09 EDTUNSGabelli reports 5.39% stake in UNS Energy
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