reports
Moody's downgrades WGL Holdings to Baa1 and Washington Gas Light to A2...
Moody's Investors Service, ("Moody's") downgraded the long-term ratings of WGL Holdings, Inc. (WGL, senior unsecured to Baa1 from A3) and its subsidiary Washington Gas Light Company (Washington Gas, senior unsecured to A2 from A1). WGL's P-2 commercial paper rating and Washington Gas' ...
- Travis Miller
AltaGas closes its cash acquisition of WGL Holdings.
Canadian utility AltaGas has closed its $6.4 billion acquisition of WGL, including debt, at the initial $88.25 per share cash offer, in line with our fair value estimate. The companies announced they had accepted the terms that Washington, D.C., regulators put forth in their order accepting the companies' settlement agreement last week. The merger approval process took more than a year and a half since AltaGas made its offer in January 2017. We give management credit for securing merger approva...
- Travis Miller
AltaGas Acquisition Closes as WGL Agrees to Washington Regulators' Ter...
Canadian utility AltaGas has closed its $6.4 billion acquisition of WGL, including debt, at the initial $88.25 per share cash offer, in line with our fair value estimate. The companies announced they had accepted the terms that Washington, D.C., regulators put forth in their order accepting the companies' settlement agreement last week. The merger approval process took more than a year and a half since AltaGas made its offer in January 2017. We give management credit for securing merger approva...
- Travis Miller
Washington, D.C., regulators only hurdle remaining for WGL-AltaGas dea...
We are reaffirming our $88 fair value estimate and our narrow moat and stable moat trend ratings for WGL Holdings after the company reported earning $2.12 per share from ongoing operations in its second fiscal quarter of 2018. Our fair value estimate remains a function of the $88.25 per share cash purchase offer that AltaGas made in January 2017. WGL management said that it expects to close the AltaGas merger by the end of the second quarter, in line with our estimate. Approval from Washington,...
- Travis Miller
AltaGas Acquisition on Its Way to Closing If Washington Regulators Sig...
We are reaffirming our $88 fair value estimate and our narrow moat and stable moat trend ratings for WGL Holdings after the company reported earning $2.12 per share from ongoing operations in its second fiscal quarter of 2018. Our fair value estimate remains a function of the $88.25 per share cash purchase offer that AltaGas made in January 2017. WGL management said that it expects to close the AltaGas merger by the end of the second quarter, in line with our estimate. Approval from Washington,...
WGL Holdings, Inc. Reports Second Quarter Fiscal Year 2018 Financial R...
WASHINGTON--(BUSINESS WIRE)-- WGL Holdings, Inc. (NYSE: WGL): Consolidated Results WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported net income applicable to common stock determined in accordance with generally accepted accounting principles in the United States of America (GAAP) for the quarter ended March 31, 2018, of $135.6 million, or $2.63 per share, an improvement of $12.5 million, or $0.24 per share, ...
Washington Gas Earns Top Utility Environmental Champion Ranking in U.S...
WASHINGTON--(BUSINESS WIRE)-- Washington Gas Light Company, a WGL Holdings, Inc. (NYSE: WGL) company, has been named a Top Utility Environmental Champion of 2018, according to a new Cogent Reports survey of utility customers nationwide conducted by Market Strategies International. The results designate the top 43 utilities throughout the country that have shown dedication to environmental stewardship and are published in a report called Utility Trusted Brand & Customer Engagement™: Residential. Washington Gas was recognized b...
WGL Energy Joins Mayor Bowser in Celebrating Completion of 11.8 MW Sol...
WASHINGTON--(BUSINESS WIRE)-- WGL Energy Systems, Inc. (WGL Energy), a WGL company (NYSE: WGL), joined Washington, D.C. Mayor Muriel Bowser and project partners today to commemorate the completion of a 11.8 megawatt (MW) solar system for Washington D.C.’s Department of General Services (DC DGS). The expansive portfolio of onsite solar projects, which includes electric capacity installed across 40 properties owned and operated by WGL Energy, supplies power to several schools, hospitals, recreation centers and more, including the Police...
- Travis Miller
AltaGas acquisition just waiting on Washington, D.C. regulators.
We are reaffirming our $88 fair value estimate and narrow moat and stable moat trend ratings for WGL Holdings after the company reported earning $1.84 per share from ongoing operations in its first fiscal quarter of 2018. Our fair value estimate remains a function of the $88.25 per share cash purchase offer that AltaGas made in January 2017. Earnings in the quarter were up from $1.15 per share in the first quarter of fiscal 2017, but we don't expect that type of growth to persist. WGL's core uti...
Maryland Public Service Commission Approves $4.5 Billion Merger of WGL...
WASHINGTON--(BUSINESS WIRE)-- The Maryland Public Service Commission announced its approval Wednesday of the combination of WGL Holdings, Inc. (NYSE:WGL) with AltaGas Ltd. (TSX:ALA). The $4.5 billion merger brings together two complementary energy companies committed to delivering more value for customers in Maryland and promises more investment in energy infrastructure and clean energy across the state. “We are confident that our combination with AltaGas will benefit residents, businesses and the economy of Maryland. We appr...
Washington Gas Earns 2018 ENERGY STAR® Award for Excellence in Promot...
WASHINGTON--(BUSINESS WIRE)-- Washington Gas is proud to announce that it has received the 2018 ENERGY STAR® Award for Excellence for its outstanding efforts in ENERGY STAR Promotion. Washington Gas’ accomplishments will be recognized by the U.S. Environmental Protection Agency and the U.S. Department of Energy at a ceremony in Washington, D.C. on April 20, 2018. Washington Gas, an ENERGY STAR partner since 2015, will be honored as a distinguished leader in initiatives supporting ENERGY STAR-certified natural gas products and...
WGL Holdings, Inc. Raises Annual Dividend $0.02 Per Share to $2.06
WASHINGTON--(BUSINESS WIRE)-- The Board of Directors of WGL Holdings, Inc. (NYSE:WGL), the parent company of Washington Gas Light Company (Washington Gas), on February 22, 2018, voted to increase the annualized dividend on its common stock by 2-cents to $2.06 per share from $2.04 per share. The Board of Directors also declared a regular quarterly dividend of $0.515 per share of common stock. The quarterly dividend is payable May 1, 2018, to shareholders of record on April 10, 2018. With this dividend increase, Washington Gas ...
WGL Holdings, Inc. Reports First Quarter Fiscal Year 2018 Financial Re...
WASHINGTON--(BUSINESS WIRE)-- WGL Holdings, Inc. (NYSE: WGL): Consolidated Results WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported net income applicable to common stock determined in accordance with generally accepted accounting principles in the United States of America (GAAP) for the quarter ended December 31, 2017, of $138.0 million, or $2.68 per share, an improvement of $80.0 million, or $1.55 per shar...
Washington Gas to Host WAFF ‘Ice House’ Fundraiser to Support Fami...
WASHINGTON--(BUSINESS WIRE)-- Washington Gas, a WGL Holdings, Inc. company (NYSE: WGL), is joining The Salvation Army, Washington Capitals, Washington Wizards, Washington Mystics, AltaGas, NBC4, WTOP, The Washington Post and numerous other partners to promote the critical need for winter heating assistance. The organizations are supporting the first-ever Ice House fundraiser to benefit the Washington Area Fuel Fund (WAFF), which serves thousands of families in the District of Columbia, Maryland and Virginia who struggle to pay their ...
Washington Gas Announces Plans to Deliver $34 Million in Savings from ...
WASHINGTON--(BUSINESS WIRE)-- Washington Gas, a WGL Holdings, Inc. company (NYSE: WGL), announced plans today to file with state regulatory commissions in all three of its service territories, including the District of Columbia, Maryland, and Virginia, to pass through annual tax savings to the more than 1.1 million customers that the company serves across the region. If the recommendations are approved, Washington Gas has committed to providing a reduction in customer rates that would lower annual customer bills by approximat...
Washington Gas Named 2017 Customer Champion in Study of Top Utilities
WASHINGTON--(BUSINESS WIRE)-- Washington Gas, a WGL Holdings, Inc. (NYSE: WGL) company, has been named as a 2017 Customer Champion utility company, according to a new Cogent Reports study conducted by Market Strategies International. The results, which recognized the top 49 utilities throughout the country that accomplished the industry’s strongest customer engagement through customer service, brand and product experiences, can be found in a published study called Utility Trusted Brand & Customer Engagement™: Residential. ...
- Travis Miller
Maryland Settlement Moves WGL One Step Closer to Closing Merger
We are reaffirming our $88 fair value estimate and narrow moat and stable moat trend ratings for WGL Holdings after the company reached a settlement with several industry groups in Maryland that should pave the way for regulatory approval in the state. Our fair value estimate remains a function of the $88.25 per share cash purchase offer that AltaGas made in January. The settlement requires $103 million of investment in the state's natural gas system, some of which WGL will recover from custome...
WGL Energy and Susquehanna University Partner to Develop 14-Acre Solar...
WASHINGTON--(BUSINESS WIRE)-- Susquehanna University has entered into an agreement with WGL Energy Systems (WGL Energy), a WGL company (NYSE: WGL), to develop a 3.9 MW DC (3 AC MW) ground-mounted solar array that will supply 30 percent of the university’s electricity needs. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171218005106/en/ Artist’s rendering depicts a 14-acre solar array being developed by WGL Energy and Susquehanna University that will supply 30 percent of the university’s...
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