ATLANTA, Dec. 17, 2015 /PRNewswire/ -- In a joint
filing today with the Georgia Public Service Commission, Southern
Company (NYSE: SO) and AGL Resources (NYSE: GAS) requested that the
Commission find that their proposed merger complies with applicable
Georgia law. The combination would
unite two Georgia-based energy
leaders that together serve approximately 9 million electric and
gas utility customers in nine states.
When completed, the combination of Southern Company and AGL
Resources is expected to create the second-largest utility company
in the U.S. by customer base, bringing together:
- Eleven regulated electric and natural gas distribution
companies;
- Operations of nearly 200,000 miles of electric transmission and
distribution lines;
- More than 80,000 miles of natural gas pipelines; and
- Approximately 46,000 megawatts of electricity generating
capacity.
Southern Company is already one of the largest consumers of
natural gas in America, with that fuel accounting for nearly half
of the electricity generated to serve customers' needs. Southern
Company's full portfolio of energy resources also includes
carbon-free nuclear, 21st century coal, one of America's
largest renewable energy portfolios and energy efficiency.
A natural extension of the company's commitment to finding real
solutions for America's energy future, Southern Company's pending
acquisition of AGL Resources will help address one of the key
challenges facing the energy industry – developing the
infrastructure necessary to send low-priced natural gas to areas
where it is increasingly needed.
The companies expect to complete the transaction in the second
half of 2016. For more information about the proposed merger, visit
www.doingenergybetter.com.
About Southern Company
With more than 4.5 million
customers and approximately 46,000 megawatts of generating
capacity, Atlanta-based Southern Company (NYSE: SO) is the
premier energy company serving the Southeast through its
subsidiaries. A leading U.S. producer of clean, safe, reliable and
affordable electricity, Southern Company owns electric utilities in
four states and a growing competitive generation company, as well
as fiber optics and wireless communications. Southern Company
brands are known for excellent customer service, high reliability
and affordable prices that are below the national average. Through
an industry-leading commitment to innovation, Southern Company and
its subsidiaries are inventing America's energy future by
developing the full portfolio of energy resources, including
nuclear, 21st century coal, natural gas, renewables and energy
efficiency, and creating new products and services for the benefit
of customers. Southern Company has been named by the U.S.
Department of Defense and G.I. Jobs magazine as a top
military employer, listed by Black Enterprise magazine as one of
the 40 Best Companies for Diversity and designated a 2014 Top
Employer for Hispanics by Hispanic Network. The company earned the
2014 National Award of Nuclear Science and History from the
National Atomic Museum Foundation for its leadership and commitment
to nuclear development, and is continually ranked among the top
utilities in Fortune's annual World's Most Admired Electric
and Gas Utility rankings. Visit
www.southerncompany.com.
About AGL Resources
AGL Resources (NYSE: GAS) is an
Atlanta-based energy services
holding company with operations in natural gas distribution, retail
operations, wholesale services and midstream operations. AGL
Resources serves approximately 4.5 million utility customers
through its regulated distribution subsidiaries in seven states.
The company also serves over one million retail customers through
its SouthStar Energy Services joint venture and Pivotal Home
Solutions, which market natural gas and related home services.
Other non-utility businesses include asset management for natural
gas wholesale customers through Sequent Energy Management and
ownership and operation of natural gas storage facilities. AGL
Resources is a Fortune 500 company and a member of the S&P 500
Index. For more information, visit www.aglresources.com.
Cautionary Statements Regarding Forward-Looking
Information
This release contains forward-looking
statements which are made pursuant to safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements, among other things,
concerning the expected timing of the completion of the proposed
merger and the expected benefits thereof. These forward-looking
statements are often characterized by the use of words such as
"expect," "anticipate," "plan," "believe," "may," "should," "will,"
"could," "continue" and the negative or plural of these words and
other comparable terminology. Although Southern Company and AGL
Resources believe that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties and undue reliance should not be placed on
such statements. Certain material factors or assumptions are
applied in making forward-looking statements, including, but not
limited to, factors and assumptions regarding the items outlined
above. Actual results may differ materially from those expressed or
implied in such statements. Important factors that could cause
actual results to differ materially from these expectations
include, among other things, the following: the failure to receive,
on a timely basis or otherwise, the required approvals by
government or regulatory agencies (including the terms of such
approvals); the possibility that long-term financing for the
transaction may not be put in place prior to the closing; the risk
that a condition to closing of the merger or the committed
financing may not be satisfied; the possibility that the
anticipated benefits from the transaction cannot be fully realized
or may take longer to realize than expected; the possibility that
costs related to the integration of Southern Company and AGL
Resources will be greater than expected; the credit ratings of the
combined company or its subsidiaries may be different from what the
parties expect; the ability to retain and hire key personnel and
maintain relationships with customers, suppliers or other business
partners; the diversion of management time on transaction-related
issues; the impact of legislative, regulatory and competitive
changes; and other risk factors relating to the energy industry, as
detailed from time to time in each of Southern Company's and AGL
Resources' reports filed with the Securities and Exchange
Commission. There can be no assurance that the transaction will in
fact be consummated.
Additional information about these factors and about the
material factors or assumptions underlying such forward-looking
statements may be found in the body of this release, as well as
under Item 1.A in each of Southern Company's and AGL Resources'
Annual Reports on Form 10-K for the fiscal year ended December 31, 2014 and Item 1.A in each of
Southern Company's and AGL Resources' most recent Quarterly Reports
on Form 10-Q for the quarter ended September
30, 2015. Southern Company and AGL Resources caution that
the foregoing list of important factors that may affect future
results is not exhaustive. When relying on forward-looking
statements to make decisions with respect to Southern Company and
AGL Resources, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. All
subsequent written and oral forward-looking statements concerning
the transaction or other matters attributable to Southern Company
or AGL Resources or any other person acting on their behalf are
expressly qualified in their entirety by the cautionary statements
referenced above. The forward-looking statements contained herein
speak only as of the date of this release. Neither Southern Company
nor AGL Resources undertakes any obligation to update or revise any
forward-looking statement, except as may be required by law.
Logo - http://photos.prnewswire.com/prnh/20080801/SOCOLOGO
Logo - http://photos.prnewswire.com/prnh/20150824/260452LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/southern-company-agl-resources-file-merger-request-in-georgia-300194896.html
SOURCE Southern Company