Together, AltaGas Ltd. and WGL Holdings, Inc. (WGL) have a vision for growth in the advanced energy economy. The proposed merger will bring together two complementary energy companies committed to delivering more value for customers in Washington Gas’ service territory and more investment in energy infrastructure and clean energy.
On April 4, AltaGas and WGL reached a significant milestone with the Maryland Public Service Commission announcing its approval of the proposed merger of the two companies. Following completion of the merger, Washington Gas customers will realize many benefits, including $30.5 million in a one-time rate credit for Maryland residential heating customers and a rate credit for non-residential customers; new investment in customer, educational, workforce development and energy efficiency programs; and funding to promote economic development, job creation and the expansion of natural gas infrastructure to underserved parts of Maryland.
Like Washington Gas, AltaGas is focused on finding innovative ways to safely and reliably deliver clean, affordable natural gas to its customers. As a company, AltaGas is firmly focused on meeting the energy needs of a growing, low carbon economy, not only in Maryland and Virginia, but in the District of Columbia as well. A proposal is currently in front of the DC Public Service Commission that supports many initiatives contained in the DC Clean Energy Plan that would provide customers in the District with similar benefits to those that would be achieved in Maryland following completion of the merger.
New renewable energy resources will be developed, following our guiding principles for developing energy infrastructure: respect the land, share the benefits and nurture long-term relationships. Following completion of the merger, AltaGas will increase funding for energy efficiency programs in Washington Gas’ service area. As well, AltaGas has committed to expanded programs following the closing of the merger, including weatherization, insulation and installation of energy efficient technology — all directed to low- and moderate-income residences that can benefit from this assistance the most. AltaGas has committed, following the merger, to developing a 5-MW battery storage, or Tier 1 renewable energy asset, and to funding a study to assess the development of renewable biogas facilities in the Washington Gas service territory.
As AltaGas evolves and expands our diversified energy assets, we will continue to operate in a safe, reliable manner by balancing economic priorities with social and environmental values. We operate our business with the highest regard for the safety of employees, contractors and stakeholders, while protecting the environment and minimizing our impact. We remain committed to building long-term, mutually beneficial working relationships with communities and working closely with governments and regulatory agencies to help meet long-term project sustainability. By investing in communities through employment opportunities and funding for nonprofits, we support initiatives that help build communities.
AltaGas believes that in the long-term, the abundant supply of natural gas in North America and the increasing demand for clean energy will continue to provide opportunities for sustained growth. With WGL, we will be in an even stronger position to deliver exceptional service at affordable rates, invest more in community and workforce training programs, provide more clean energy choices to customers, and add good, secure jobs in the region for years to come.