Georgia Public Service Commission Approves Limited Stay in Atlanta Gas Light Company Rate Case
May 4, 2005
ATLANTA--(BUSINESS WIRE)--May 4, 2005--The Georgia Public Service Commission (GPSC) today voted 5-0 to stay the portion of its April 29, 2005 order ("Order") in Atlanta Gas Light Company's 2004-2005 rate case that applies to the September 2003 sale of the real property associated with the former headquarters of Atlanta Gas Light, a subsidiary of AGL Resources Inc. (NYSE:ATG).
Based on the Order, Atlanta Gas Light would have been required to reverse the gain on the sale of land recognized in 2003 and establish a regulatory liability to be amortized over a ten year period. The stay will allow the GPSC to consider issues to be raised by Atlanta Gas Light's petition for reconsideration of the Order under Docket 18638-U. Accordingly, there is no impact on AGL Resources' financial statements for the quarter ended March 31, 2005.
Atlanta Gas Light will file a petition for reconsideration of the Order on or about May 9, 2005. The stay was set for up to 40 days to allow the GPSC to fully consider any petitions for reconsideration.
Atlanta Gas Light filed a motion for an immediate stay of the Order on April 29, 2005.
About AGL Resources AGL Resources (NYSE: ATG), an Atlanta-based energy services holding company, serves 2.3 million customers in six states through its utility subsidiaries - Atlanta Gas Light, Elizabethtown Gas in New Jersey, Virginia Natural Gas, Florida City Gas, Chattanooga Gas, and Elkton Gas in Maryland. A Fortune 1000 company that ranks number 46 in the Fortune gas and electric utilities sector, AGL Resources reported 2004 revenue of $1.8 billion and net income of $153 million. The company also owns Houston-based Sequent Energy Management, an asset manager serving natural gas wholesale customers throughout the East and Midwest. As a 70 percent owner in the SouthStar partnership, AGL Resources markets natural gas to consumers in Georgia under the Georgia Natural Gas brand. AGL Networks, the company's telecommunications subsidiary, owns and operates fiber optic networks in Atlanta and Phoenix. The company also owns and operates Jefferson Island Storage & Hub, a high-deliverability natural gas storage facility near the Henry Hub in Louisiana. For more information, visit www.aglresources.com.
Certain expectations and projections regarding our future performance referenced in this press release are forward-looking statements. Officers may also make verbal statements to analysts, investors, regulators, the media and others that are forward-looking. Forward-looking statements involve matters that are not historical facts, such as projections of our financial performance, management's goals and strategies for our business and assumptions regarding the foregoing. Because these statements involve anticipated events or conditions, forward-looking statements often include words such as "anticipate," "assume," "believe," "can," "could," "estimate," "expect," "forecast," "indicate," "intend," "may," "plan," "predict," "project", "future," "seek," "should," "target," "will," "would," or similar expressions. Do not unduly rely on forward-looking statements. They represent our expectations about the future and are not guarantees. Our expectations are based on currently available competitive, financial and economic data along with our operating plans. While we believe that our expectations are reasonable in view of the currently available information, our expectations are subject to future events, risks and uncertainties, and there are several factors - many beyond our control - that could cause results to differ significantly from our expectations. In addition to the important factors described in this press release and in our filings with the Securities and Exchange Commission, which we incorporate by reference in this press release, the following are among the important factors that could cause our business, results of operations or financial condition in the future to differ significantly from those expressed in the forward-looking statements:
-- impact of changes in state and federal legislation and regulation, including orders of various state public service commissions and of the Federal Energy Regulatory Commission on the gas and electric industries and on AGL Resources;
-- actions taken by government agencies, including decisions on base rate increase requests by state regulators;
-- performance of equity and bond markets and the impact on pension and post-retirement funding costs;
-- impact of acquisitions and divestitures, including:
-- expected revenue synergies and cost savings from these two acquisitions may not be fully realized or realized within the expected time frame;
-- direct or indirect effects on AGL Resources' business, financial condition or liquidity resulting from a change in our credit ratings or the credit ratings of our counterparties or competitors;
-- other risks described in AGL Resources' documents on file with the SEC.
There also may be other factors that could cause results to differ significantly from our expectations. Forward-looking statements are only as of the date they are made, and we do not undertake any obligation to update these statements to reflect subsequent changes.
CONTACT: AGL Resources, Atlanta Investor Relations Matt Quinn, 404-584-3192 Cell: 404-427-5202 email@example.com or Media Relations Nick Gold, 404-584-3457 Cell: 404-275-9501 firstname.lastname@example.org
SOURCE: AGL Resources Inc.