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CH Energy expects Fortis takeover to be successful

May 07, 2013 6:50 am
William J. Kemble reports in the Daily Freeman CH Energy Group officials believe concerns expressed by two state administrative law judges can be overcome and the $1.5 billion takeover of the utility by Canadian-based Fortis Inc. can be completed by the end of June. CH Energy Group, the parent company of Central Hudson Gas & Electric Corp., acknowledged the judges’ recommendation against the takeover. That recommendation will be considered by the Public Service Commission in its decision. Steve Lant, CH Energy's president and chairman, said he believes the judges' concerns can be successfully resolved. Lant also said the transaction is expected to close before the end of June, although Fortis has set an Aug. 20 date for the deal to be completed, without an agreement for an extension. In the recommendation issued last week, the judges wrote Fortis had proven many critics correct by being unresponsive to public concerns. They also indicated there are legitimate issues surrounding Central Hudson being owned by a company outside of the state. Read the full story in the Daily Freeman.