UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act 1934
Date of Report (Date of earliest event reported): June 28, 2019
UNITIL CORPORATION
(Exact name of registrant as specified in its charter)
| New Hampshire | 1-8858 | 02-0381573 | ||
| (State or other jurisdiction | (Commission | (IRS Employer | ||
| of incorporation) | File Number) | Identification No.) |
| 6 Liberty Lane West, Hampton, New Hampshire | 03842-1720 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (603) 772-0775
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol |
Name of each exchange of which registered | ||
| Common Stock | UTL | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure |
On June 28, 2019, Unitil Corporation (“Unitil” or “Registrant”) issued a press release announcing that its natural gas distribution utility, Northern Utilities, Inc., filed a rate case requesting approval to increase its natural gas distribution base rates with the Maine Public Utilities Commission. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| Number |
Exhibit | |
| 99.1 |
June 28, 2019 press release announcing the filing of a rate case for Northern Utilities, Inc. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITIL CORPORATION | ||
| By: | /s/ Christine L. Vaughan | |
| Christine L. Vaughan | ||
| Senior Vice President, Chief Financial Officer and Treasurer | ||
| Date: | July 1, 2019 | |
| FOR RELEASE | Exhibit 99.1 |
UNITIL FILES FOR AN INCREASE IN NATURAL GAS DISTRIBUTION RATES FOR MAINE CUSTOMERS
HAMPTON, N.H., June 28, 2019 — Unitil Corporation (NYSE:UTL) (www.unitil.com) announced today that its Maine local natural gas distribution utility filed a rate case requesting approval to increase its natural gas distribution base rates with the Maine Public Utilities Commission (Docket No. 2019-00092).
Unitil has requested an increase of $7.0 million in base revenue, or an increase of approximately 7 percent over total 2018 operating revenue, for effect on August 1, 2019, but expects a Commission suspension period through April 1, 2020. The primary driver of the request is due to continued investments in the system to improve the overall safety of the system and to reliably serve a growing number of customers. The filing also includes a proposal by the Company for an alternative rate mechanism called the Capital Investment Recovery Adjustment for a period of three years which will allow for the recovery of costs associated with non-growth capital projects due to the need to relocate, upgrade, replace and abandon existing distribution facilities.
If the rates are approved as filed, the typical residential gas heating customer using approximately 68 therms would see a monthly increase of $9.90, or about 9.3 percent. The impact on other individual customers will vary depending upon rate class and usage characteristics.
About Unitil Corporation
Unitil Corporation provides energy for life by safely and reliably delivering natural gas and electricity in New England. We are committed to the communities we serve and to developing people, business practices and technologies that lead to dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 105,600 electric customers and 82,700 natural gas customers. For more information about our people, technologies and community involvement please visit www.unitil.com.
For more information please contact:
| Todd Diggins – Investor Relations | Alec O’Meara – Media Relations | |
| Phone: 603-773-6504 | Phone: 603-773-6404 | |
| Email: diggins@unitil.com | Email: omeara@unitil.com |
6 Liberty Lane West
Hampton, NH 03842
T 603.772.0775
www.unitil.com