Unitil Requests Increase in Electric Distribution Rates
HAMPTON, N.H., April 16, 2010 /PRNewswire via COMTEX/ --Unitil Corporation (NYSE: UTL) announced today that it filed a request with the New Hampshire Public Utilities Commission to increase its electric distribution charges, which are the fees associated with delivering electricity to customers.
The filing will be subject to a comprehensive regulatory review and the change in rates, if approved, would not be implemented until 2011. Overall, the request would increase revenues by $10.1 million annually.
Since Unitil's last distribution rate increase effective in 2006, expenses have increased while revenues have declined. Costs have especially increased in property taxes, depreciation, and storm restoration, including two of the most devastating events in New Hampshire history. Sales are down because of energy efficiency, customer response to energy price signals, and a downturn in the national economy.
Unitil Corporation is a public utility holding company headquartered in Hampton, New Hampshire. Unitil's principal business is the local distribution of electricity and natural gas in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of three distribution utilities: (i) Unitil Energy Systems, Inc., which provides electric service in the southeastern seacoast and state capital regions of New Hampshire; (ii) Fitchburg Gas and Electric Light Company, which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts; and (iii) Northern Utilities, Inc., which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine. In addition, Unitil is the parent company of Granite State Gas Transmission, Inc., an interstate natural gas transmission pipeline in New Hampshire and Maine. Together, Unitil's operating utilities serve approximately 100,500 electric customers and 70,000 natural gas customers. Unitil's non-regulated business, Usource, also provides energy brokering and advisory services to large commercial and industrial customers in the northeastern United States.
Contact: Carol Valianti Phone: 603-773-6447 Fax: 603-773-6647
SOURCE Unitil Corporation