RICHMOND, Va., Aug. 23, 2016 /PRNewswire/ -- Dominion
Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR)
announced today that the Public Service Commission of Utah has approved their merger, subject to
terms and conditions of an agreed settlement stipulation, thereby
moving the proposed combination one step closer to finalization.
With the PSC of Utah's action, the
final regulatory approval needed to complete the merger is pending
with the Wyoming Public Service Commission.
The proposed merger would create an integrated energy company
serving about 2.5 million electric utility customers and 2.3
million gas utility customers in seven states. The combined company
also would operate more than 15,500 miles of natural gas
transmission, gathering and storage pipelines, one of the nation's
largest natural gas storage systems, and approximately 25,700
megawatts of electric generation.
In February, the Federal Trade Commission granted early
termination of the applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act with respect to the
transaction. In May, Questar's shareholders signified their
overwhelming approval.
The companies expect the transaction to close in 2016 shortly
after final regulatory approval is received.
About Dominion
Dominion is one of the nation's largest
producers and transporters of energy, with a portfolio of
approximately 25,700 megawatts of generation, 12,200 miles of
natural gas transmission, gathering and storage pipeline, and 6,500
miles of electric transmission lines. Dominion operates one
of the nation's largest natural gas storage systems with 933
billion cubic feet of storage capacity and serves more than 5
million utility and retail energy customers in 14 states. For more
information about Dominion, visit the company's website
at www.dom.com.
About Questar
Questar Corp. is a Rockies-based
integrated natural gas company operating through three principal
subsidiaries: Questar Gas provides retail natural gas distribution
in Utah, Wyoming and Idaho; Wexpro develops and produces natural
gas on behalf of Questar Gas; and Questar Pipeline operates
interstate natural gas pipelines and storage facilities in the
Western U.S. For more information, visit Questar's website at:
www.questar.com.
This news release includes certain "forward-looking
information." Examples include information as to Dominion's
expectations, beliefs, plans, goals, objectives and future
financial or other performance or assumptions concerning matters
discussed in this release. Factors that could cause actual results
to differ from those in the forward-looking statements may
accompany the statements themselves. In addition, Dominion's
business is influenced by many factors that are difficult to
predict, involve uncertainties that may materially affect actual
results and are often beyond our ability to control or estimate
precisely, such as the risk that Dominion or Questar may be unable
to obtain necessary regulatory approvals for the transaction or
required regulatory approvals may delay the transaction or cause
the parties to abandon the transaction; the risk that conditions to
the closing of the transaction or the committed debt financing may
not be satisfied; and the risk that an unsolicited offer for the
assets or capital stock of Questar may interfere with the
transaction. We have identified and will in the future identify a
number of these factors in our SEC Reports on Forms 10-K and 10-Q.
We refer you to those discussions for further information. Any
forward-looking statement speaks only as of the date on which it is
made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made.
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SOURCE Dominion