Aquila (NYSE:ILA)
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From Sep 2019 to Sep 2024
Great Plains Energy (NYSE: GXP) today announced the completion of
its acquisition of Aquila, Inc. (NYSE: ILA). Beginning today, Aquila's
Missouri electric utility business will operate under the brand name
of Great Plains Energy's subsidiary, KCP&L.
"Today is an important day for our region," announced Michael
Chesser, Chairman and Chief Executive Officer of Great Plains Energy.
"Our acquisition of Aquila will create significant savings for both
Aquila and KCP&L customers. In today's rising-cost environment, this
transaction is just one part of our plan to maintain affordable energy
prices for the customers and communities we serve."
Families, businesses and communities are all facing the impact of
higher oil prices, food prices and raw material costs. Utilities face
these same cost pressures. Savings resulting from the integration of
KCP&L and Aquila operations are expected to generate approximately
$198 million of customer savings by 2013 and $547 million by 2017.
These savings will be passed on to customers and will help reduce
future rate increases.
With the addition of Aquila's 300,000 Missouri electric utility
customers in adjacent service territories, the companies will provide
electric service to approximately 800,000 residential and business
customers in 47 counties in Missouri and Kansas. Customers should
experience seamless service during the integration of Aquila and
KCP&L.
One change all customers will notice is the new KCP&L logo, which
was publicly unveiled today as part of the beginning of the newly
integrated operations of the companies. The design of the logo was
created to convey movement and energy, reflecting our innovative and
proactive approach to meeting tomorrow's energy needs.
In connection with the transaction, KCP&L hired approximately 900
Aquila employees, raising the number of employees at KCP&L to nearly
3,100.
"We are proud to welcome Aquila's employees and customers to the
KCP&L family," Chesser said. "The integration of KCP&L and Aquila
operations creates a solid platform of customer, community and
shareholder value and is a critical part of our plan to provide clean,
affordable and reliable energy to our region for generations to come."
It is important to note new customer contact information,
effective immediately:
-0-
*T
To report emergencies or outages:
1-888-LIGHT-KC (544-4852)
For service-related needs or billing questions:
Metropolitan Kansas City: (816) 471-KCPL (5275)
Toll-free: 1-888-471-KCPL (5275)
*T
Complete account- and service-related assistance, outage reporting
and bill payment information are also available online at
www.kcpl.com. For more information about the acquisition, please visit
www.oneregionalutility.com.
As a result of the acquisition, each outstanding share of Aquila's
common stock was converted into the right to receive 0.0856 of a share
of Great Plains Energy common stock and $1.80 in cash. Immediately
prior to the Aquila acquisition, Black Hills Corporation (NYSE: BKH)
acquired from Aquila its electric utility in Colorado and natural gas
utility properties in Colorado, Kansas, Nebraska and Iowa for
approximately $909 million in cash, after estimated closing
adjustments. Aquila shareholders holding physical stock certificates
will receive share exchange instructions in the next few weeks.
FORWARD-LOOKING STATEMENTS
Statements made in this release that are not based on historical
facts are forward-looking, may involve risks and uncertainties, and
are intended to be as of the date when made. Forward-looking
statements include, but are not limited to, statements regarding
projected delivered volumes and margins, the outcome of regulatory
proceedings, cost estimates of the Comprehensive Energy Plan and other
matters affecting future operations. In connection with the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995, the registrants are providing a number of important factors that
could cause actual results to differ materially from the provided
forward-looking information. These important factors include: future
economic conditions in the regional, national and international
markets, including but not limited to regional and national wholesale
electricity markets; market perception of the energy industry, Great
Plains Energy and KCP&L changes in business strategy, operations or
development plans; effects of current or proposed state and federal
legislative and regulatory actions or developments, including, but not
limited to, deregulation, re-regulation and restructuring of the
electric utility industry; decisions of regulators regarding rates
KCP&L can charge for electricity; adverse changes in applicable laws,
regulations, rules, principles or practices governing tax, accounting
and environmental matters including, but not limited to, air and water
quality; financial market conditions and performance including, but
not limited to, changes in interest rates and credit spreads and in
availability and cost of capital and the effects on pension plan
assets and costs; credit ratings; inflation rates; effectiveness of
risk management policies and procedures and the ability of
counterparties to satisfy their contractual commitments; impact of
terrorist acts; increased competition including, but not limited to,
retail choice in the electric utility industry and the entry of new
competitors; ability to carry out marketing and sales plans; weather
conditions including weather-related damage; cost, availability,
quality and deliverability of fuel; ability to achieve generation
planning goals and the occurrence and duration of planned and
unplanned generation outages; delays in the anticipated in-service
dates and cost increases of additional generating capacity and
environmental projects; nuclear operations; ability to enter new
markets successfully and capitalize on growth opportunities in
non-regulated businesses and the effects of competition; workforce
risks including retirement compensation and benefits costs;
performance of projects undertaken by non-regulated businesses and the
success of efforts to invest in and develop new opportunities; the
ability to successfully complete merger, acquisition or divestiture
plans (including the integration of Aquila and KCP&L operations and
the timing and amount of resulting synergies and savings), and other
risks and uncertainties. Other risk factors are detailed from time to
time in Great Plains Energy's most recent quarterly report on Form
10-Q or annual report on Form 10-K filed with the Securities and
Exchange Commission. This list of factors is not all-inclusive because
it is not possible to predict all factors.
Great Plains Energy (NYSE: GXP) today announced the completion of its
acquisition of Aquila, Inc. (NYSE: ILA). Beginning today, Aquila’s
Missouri electric utility business will operate under the brand name of
Great Plains Energy’s subsidiary, KCP&L.
“Today is an important day for our region,”
announced Michael Chesser, Chairman and Chief Executive Officer of Great
Plains Energy. “Our acquisition of Aquila will
create significant savings for both Aquila and KCP&L customers. In today’s
rising-cost environment, this transaction is just one part of our plan
to maintain affordable energy prices for the customers and communities
we serve.”
Families, businesses and communities are all facing the impact of higher
oil prices, food prices and raw material costs. Utilities face these
same cost pressures. Savings resulting from the integration of KCP&L and
Aquila operations are expected to generate approximately $198 million of
customer savings by 2013 and $547 million by 2017. These savings will be
passed on to customers and will help reduce future rate increases.
With the addition of Aquila’s 300,000 Missouri
electric utility customers in adjacent service territories, the
companies will provide electric service to approximately 800,000
residential and business customers in 47 counties in Missouri and
Kansas. Customers should experience seamless service during the
integration of Aquila and KCP&L.
One change all customers will notice is the new KCP&L logo, which was
publicly unveiled today as part of the beginning of the newly integrated
operations of the companies. The design of the logo was created to
convey movement and energy, reflecting our innovative and proactive
approach to meeting tomorrow’s energy needs.
In connection with the transaction, KCP&L hired approximately 900 Aquila
employees, raising the number of employees at KCP&L to nearly 3,100.
“We are proud to welcome Aquila’s
employees and customers to the KCP&L family,”
Chesser said. “The integration of KCP&L and
Aquila operations creates a solid platform of customer, community and
shareholder value and is a critical part of our plan to provide clean,
affordable and reliable energy to our region for generations to come.”
It is important to note new customer contact information, effective
immediately:
To report emergencies or outages:
1-888-LIGHT-KC (544-4852)
For service-related needs or billing questions:
Metropolitan Kansas City: (816) 471-KCPL (5275)
Toll-free: 1-888-471-KCPL (5275)
Complete account- and service-related assistance, outage reporting and
bill payment information are also available online at www.kcpl.com.
For more information about the acquisition, please visit www.oneregionalutility.com.
As a result of the acquisition, each outstanding share of Aquila’s
common stock was converted into the right to receive 0.0856 of a share
of Great Plains Energy common stock and $1.80 in cash. Immediately prior
to the Aquila acquisition, Black Hills Corporation (NYSE: BKH) acquired
from Aquila its electric utility in Colorado and natural gas utility
properties in Colorado, Kansas, Nebraska and Iowa for approximately $909
million in cash, after estimated closing adjustments. Aquila
shareholders holding physical stock certificates will receive share
exchange instructions in the next few weeks.
FORWARD-LOOKING STATEMENTS
Statements made in this release that are not based on historical facts
are forward-looking, may involve risks and uncertainties, and are
intended to be as of the date when made. Forward-looking statements
include, but are not limited to, statements regarding projected
delivered volumes and margins, the outcome of regulatory proceedings,
cost estimates of the Comprehensive Energy Plan and other matters
affecting future operations. In connection with the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, the
registrants are providing a number of important factors that could cause
actual results to differ materially from the provided forward-looking
information. These important factors include: future economic conditions
in the regional, national and international markets, including but not
limited to regional and national wholesale electricity markets; market
perception of the energy industry, Great Plains Energy and KCP&L changes
in business strategy, operations or development plans; effects of
current or proposed state and federal legislative and regulatory actions
or developments, including, but not limited to, deregulation,
re-regulation and restructuring of the electric utility industry;
decisions of regulators regarding rates KCP&L can charge for
electricity; adverse changes in applicable laws, regulations, rules,
principles or practices governing tax, accounting and environmental
matters including, but not limited to, air and water quality; financial
market conditions and performance including, but not limited to, changes
in interest rates and credit spreads and in availability and cost of
capital and the effects on pension plan assets and costs; credit
ratings; inflation rates; effectiveness of risk management policies and
procedures and the ability of counterparties to satisfy their
contractual commitments; impact of terrorist acts; increased competition
including, but not limited to, retail choice in the electric utility
industry and the entry of new competitors; ability to carry out
marketing and sales plans; weather conditions including weather-related
damage; cost, availability, quality and deliverability of fuel; ability
to achieve generation planning goals and the occurrence and duration of
planned and unplanned generation outages; delays in the anticipated
in-service dates and cost increases of additional generating capacity
and environmental projects; nuclear operations; ability to enter new
markets successfully and capitalize on growth opportunities in
non-regulated businesses and the effects of competition; workforce risks
including retirement compensation and benefits costs; performance of
projects undertaken by non-regulated businesses and the success of
efforts to invest in and develop new opportunities; the ability to
successfully complete merger, acquisition or divestiture plans
(including the integration of Aquila and KCP&L operations and the timing
and amount of resulting synergies and savings), and other risks and
uncertainties. Other risk factors are detailed from time to time in
Great Plains Energy’s most recent quarterly
report on Form 10-Q or annual report on Form 10-K filed with the
Securities and Exchange Commission. This list of factors is not
all-inclusive because it is not possible to predict all factors.