Retailer Pike County Light & Power Acquired by Corning Natural Gas Holding
The Pennsylvania Public Utility Commission (PUC) approved a settlement on August 11 (Docket No. A-2015-2517036) that transfers control and ownership interests of Pike County Light and Power (PCL&P) – which currently serves about 5,700 retail electric and gas customers in northeastern Pennsylvania –from its corporate parent, Orange & Rockland Utilities, to Corning Natural Gas Holding.
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.
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.
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.
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