February 26, 2013
For Release: Immediately
Contact: Investors: Stacey A. Renner, (845) 486-5730
News Media: Denise D. VanBuren, (845) 471-8323
CH Energy Group Reports 2012 Annual Earnings
(Poughkeepsie, NY) CH Energy Group, Inc. (NYSE:CHG) filed its Report on Form 10-K with the U.S. Securities and Exchange Commission yesterday, reporting consolidated earnings of $2.61 per share for the year ended December 31, 2012. Earnings from regulated utility Central Hudson Gas & Electric Corporation of $3.10 cents per share were partially offset by costs related to the sale of CH Energy Group to Fortis Inc. (TSX:FTS).
"Last June, our shareholders overwhelmingly approved the Fortis proposal to purchase CH Energy Group for $65 per share in a transaction valued at $1.5 billion. Approval by the New York State Public Service Commission is now the only remaining regulatory authorization necessary to complete the transaction and allow us to move forward to become a part of the Fortis family of utilities," said Chairman of the Board, President and C.E.O. Steven V. Lant.
Lant noted that Fortis, Central Hudson, the Staff of Public Service Commission and other parties reached an agreement of terms related to the proposed transaction in January 2013; that joint proposal was then filed with the Public Service Commission for its consideration. "While no assurances can be given, we anticipate that the Public Service Commission will review and approve the transaction in the second quarter of 2013 and that a closing with Fortis will occur shortly thereafter," Lant said.
CH Energy Group`s Report on Form 10-K is available in the SEC Filings section of the Investor Relations page at www.CHEnergyGroup.com.
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About CH Energy Group, Inc.: CH Energy Group, Inc. is predominantly a regulated transmission and distribution utility, headquartered in Poughkeepsie, NY. Central Hudson Gas & Electric Corporation serves approximately 300,000 electric and about 75,000 natural gas customers in eight counties of New York State`s Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-square-mile service territory that extends north from the suburbs of metropolitan New York City to the Capital District at Albany. CH Energy Group also operates Central Hudson Enterprises Corporation (CHEC), a non-regulated subsidiary composed primarily of Griffith Energy Services, which supplies energy products and services to approximately 56,000 customers in the Mid Atlantic Region, as well as several renewable energy investments.
Forward-Looking Statements -
Statements included in this Quarterly Report on Form 10-Q and any documents incorporated by reference which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Exchange Act. Forward-looking statements may be identified by words including "anticipates," "intends," "estimates," "believes," "projects," "expects," "plans," "assumes," "seeks," and similar expressions. Forward-looking statements including, without limitation, those relating to CH Energy Group`s and Central Hudson`s future business prospects, revenues, proceeds, working capital, investment valuations, liquidity, income, and margins, as well as the acquisition by a subsidiary of Fortis Inc. and the expected timing of the transaction, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors, including those identified from time to time in the forward-looking statements. Those factors include, but are not limited to: the possibility that various conditions precedent to the consummation of the proposed Fortis transaction will not be satisfied or waived including regulatory approvals of the proposed Fortis transaction on the timing and terms thereof; the impact of delay or failure to complete the proposed Fortis transaction on CH Energy Group stock price; deviations from normal seasonal weather and storm activity; fuel prices; energy supply and demand; potential future acquisitions; legislative, regulatory, and competitive developments; interest rates; access to capital; market risks; electric and natural gas industry restructuring and cost recovery; the ability to obtain adequate and timely rate relief; changes in fuel supply or costs including future market prices for energy, capacity, and ancillary services; the success of strategies to satisfy electricity, natural gas, fuel oil, and propane requirements; the outcome of pending litigation and certain environmental matters, particularly the status of inactive hazardous waste disposal sites and waste site remediation requirements; and certain presently unknown or unforeseen factors, including, but not limited to, acts of terrorism. CH Energy Group and Central Hudson undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Given these uncertainties, undue reliance should not be placed on the forward-looking statements.
Additional Information about the Fortis Transaction and Where to Find It
In connection with the proposed acquisition of CH Energy Group by Fortis, CH Energy Group filed a definitive proxy statement with the SEC on May 9, 2012, and has filed other relevant materials with the SEC as well. Investors and security holders of CH Energy Group are urged to read the proxy statement and other relevant materials filed with the SEC because they contain important information about the proposed acquisition and related matters. Investors and stock shareholders may obtain a free copy of the proxy statement when it becomes available, and other documents filed by CH Energy Group, at the SEC`s Web site, www.sec.gov. These documents can also be obtained by investors and stockholders free of charge from CH Energy Group at CH Energy Group`s website at www.chenergygroup.com, or by contacting CH Energy Group`s Shareholder Relations Department at (845) 486-5204.