Press Release

PUC Approves Ownership Transfer of Pike County Light and Power Company to Corning Natural Gas Holding Corp.

Published on 8/11/2016

Filed under: Electric

HARRISBURG – The Pennsylvania Public Utility Commission (PUC) today approved a settlement which transfers control and ownership interests of Pike County Light and Power Company (PCL&P) from its corporate parent, Orange & Rockland Utilities, Inc. (O&R), to Corning Natural Gas Holding Corporation (Corning).  As a wholly-owned subsidiary of O&R, PCL&P currently serves approximately 5,700 retail electric and gas customers in northeastern Pennsylvania.

The Commission voted 5-0 to transfer control and ownership interests from O&R to Corning, including all necessary authority, approvals and certificates of public convenience.  Upon closing, Corning will directly own 100 percent of PCL&P.  PCL&P will continue to exist as a corporation and will operate and serve existing customers, charging duly authorized rates and terms of service approved by the PUC.  The settlement stipulates that PCL&P may not seek rate recovery of transaction costs incurred as a result of this acquisition.

Additionally, the settlement provides that Corning will fulfill all obligations regarding required emergency preparedness plans, and will maintain PCL&P’s electric reliability program, including but not limited to vegetation management, voltage regulation, and inspection/replacement of poles, distribution lines, transformers, reclosures, and substations.

Parties to the settlement agree that, given the size of PCL&P in relation to the Pennsylvania retail market, this transaction will have no adverse impact on retail market competition as a whole.  Moving forward, PCL&P’s electric choice program will continue, and PCL&P plans to implement retail gas choice in its service territory where it is not currently required.

The Pennsylvania Public Utility Commission balances the needs of consumers and utilities; ensures safe and reliable utility service at reasonable rates; protects the public interest; educates consumers to make independent and informed utility choices; furthers economic development; and fosters new technologies and competitive markets in an environmentally sound manner.

For recent news releases and video of select Commission proceedings or more information about the PUC, visit our website at www.puc.pa.gov. Follow the PUC on Twitter – @PA_PUC for all things utility.  “Like” Pennsylvania Public Utility Commission on Facebook for easy access to information on utility issues.

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Docket No.: A-2015-2517036

Contact:

• Nils Hagen-Frederiksen
  Press Secretary
  717-418-2701
  nhagen-fre@pa.gov