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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.
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