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Alabama Gas

Digest (June 2014)

Algonquin Power & Utilities enters partnership with Siemens Canada for 10 wind turbines expected to start operation early next year; Strata Solar installs nine utility-scale solar projects in North Carolina; Ontario Power Generation establishes agreement with Westinghouse to consider nuclear plant refurbishment, decommissioning and remediation; JinkoSolar successfully connects solar power plant in Jiangsu Province; El Paso Pipeline acquires 50 percent interest in Ruby Pipeline from Kinder Morgan
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Energen to Sell Its Natural Gas Utility to The Laclede Group

Submitted by aburr on Tue, 2014-04-15 16:39

Energen signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation (Alagasco), to The Laclede Group. The value of the transaction is $1.6 billion, subject to customary closing adjustments, and is comprised of $1.28 billion in cash and approximately $320 million of debt. Energen's after-tax proceeds are estimated to be $1.1 billion, after consideration of accelerated intangible drilling costs.