Texas Railroad Commission Rules on Atmos Energy's Mid-Tex Division Rate Case
March 29 2007 - 6:46PM
Business Wire
Atmos Energy Corporation (NYSE: ATO) today announced that an order
has been issued by the Railroad Commission of Texas (Commission)
relating to the company�s Mid-Tex Division rate case, filed in May
of 2006. The order includes the following: A determination that the
acquisition of the Mid-Tex assets was in the public interest. A
permanent weather normalization adjustment (WNA) mechanism which is
based upon the most recent 10 years of weather experience. The WNA
mechanism provides for a stabilization of customer utility bills in
periods of warmer or colder-than-normal weather. An approved
capital structure of 52 percent debt/48 percent equity. An
authorized return on equity of 10 percent. An annual revenue
increase of approximately $4.5 million, or 66 cents per month for
the average residential customer, effective immediately. A refund
to customers of approximately $2.3 million related to the Gas
Reliability Infrastructure Program (GRIP) annual filings. �This
decision represents an important milestone for our Mid-Tex
Division, with the finding that the acquisition of Mid-Tex by Atmos
was in the public interest, the authorization for a permanent WNA
mechanism, as well as the comprehensive review of our annual GRIP
filings,� said Robert W. Best, chairman, president and CEO of Atmos
Energy. Best added: �We commend the Commission for seeking to
balance the interests of the company and our customers in this
case. We remain committed to working within the regulatory process
to recover our actual expenses, earn our authorized rate of return,
and to continue making investments in our delivery system in the
state of Texas.� Due to the continued strong performance of the
company�s complementary non-regulated marketing business, Atmos
Energy is reaffirming its fiscal 2007 earnings guidance in the
range of $1.90 to $2.00 per diluted share. However, the mark-to
market impact on the marketing company�s physical storage inventory
at September 30, 2007, could affect earnings per diluted share.
Forward-Looking Statements The matters discussed in this news
release may contain �forward-looking statements� within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements other than
statements of historical fact included in this news release are
forward-looking statements made in good faith by the company and
are intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. When used in this news release or in any of the company�s
other documents or oral presentations, the words �anticipate,�
�believe,� �estimate,� �expect,� �forecast,� �goal,� �intend,�
�objective,� �plan,� �projection,� �seek,� �strategy� or similar
words are intended to identify forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
discussed in this news release, including the risks and
uncertainties relating to regulatory trends and decisions, the
company�s ability to continue to access the capital markets and the
other factors discussed in the company�s filings with the
Securities and Exchange Commission. These factors include the risks
and uncertainties discussed in the company�s Annual Report on Form
10-K for the fiscal year ended September 30, 2006, and the
company�s Form 10-Q for the three months ended December 31, 2006.
Although the company believes these forward-looking statements to
be reasonable, there can be no assurance that they will approximate
actual experience or that the expectations derived from them will
be realized. Further, the company undertakes no obligation to
update or revise any of its forward-looking statements, whether as
a result of new information, future events or otherwise. About
Atmos Energy Atmos Energy Corporation, headquartered in Dallas, is
the country�s largest natural gas-only distributor, serving about
3.2 million gas utility customers. Atmos Energy�s utility
operations serve more than 1,500 communities in 12 states from the
Blue Ridge Mountains in the East to the Rocky Mountains in the
West. Atmos Energy�s non-utility operations, organized under Atmos
Energy Holdings, Inc., operate in 22 states. They provide natural
gas marketing and procurement services to industrial, commercial
and municipal customers and manage company-owned natural gas
storage and pipeline assets, including one of the largest
intrastate natural gas pipelines in Texas. Atmos Energy is a
Fortune 500 company. For more information, visit
www.atmosenergy.com.
Atmos Energy (NYSE:ATO)
Historical Stock Chart
From May 2024 to Jun 2024
Atmos Energy (NYSE:ATO)
Historical Stock Chart
From Jun 2023 to Jun 2024