UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure |
Unitil Corporation (“Unitil”) is responding to the novel strain of coronavirus (COVID 19) global pandemic (the “coronavirus pandemic”) by taking steps to mitigate the potential risks posed by its spread. Unitil provides critical electric and natural gas service to customers, which means it is paramount that Unitil’s employees are kept safe and that the unnecessary risk of exposure to the virus is minimized. Unitil’s electric and gas service utility distribution operating systems have continued to provide service to customers without disruption due to the coronavirus pandemic through the date of this Current Report on Form 8-K.
Unitil has implemented its Crisis Response Plan to address specific aspects of the coronavirus pandemic. The Crisis Response Plan guides emergency response, business continuity, and the precautionary measures being taken on behalf of employees and the public. Unitil has initiated extra precautions to protect employees who work in the field and for employees who continue to work in operations, distribution and corporate facilities. Unitil has implemented social distancing and work from home policies, where appropriate. Unitil continues to implement strong physical and cyber-security measures to ensure that its systems remain functional in order to serve both operational needs with a remote workforce and to help ensure uninterrupted service to customers.
Unitil has informed both customers and regulators that it will temporarily suspend disconnections and collections activities for non-payment.
Unitil recognizes that the coronavirus pandemic is a rapidly evolving situation that could lead to extended disruption of economic activity in local communities as well as in the financial markets. Unitil will continue to monitor developments affecting its operations, including its workforce and its customers, and will take additional precautions as needed in order to help mitigate the impacts of the coronavirus pandemic.
For additional information on Unitil’s coronavirus pandemic preparedness and other actions, please visit Unitil’s website (unitil.com). From time to time, Unitil may provide additional information to investors on Unitil’s website (unitil.com).
| Item 8.01 | Other Matters |
Unitil is supplementing the risk factors described in Item 1A of its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 with the following risk factor. This risk factor should be read in conjunction with the risk factors described in Unitil’s Annual Report on Form 10-K.
The novel coronavirus outbreak could adversely impact Unitil’s business, financial conditions, results of operations and cash flows.
In December 2019, a novel strain of coronavirus (COVID-19) emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant disruptions to its economy, it has now spread to several other countries and infections have been reported globally. The extent to which the coronavirus impacts Unitil’s financial condition, results of operations, and cash flows will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information which may emerge concerning the severity of the coronavirus, and the actions to contain the coronavirus or treat its impact, among others. In particular, the continued spread of the coronavirus could adversely impact Unitil’s business, including (i) by disrupting Unitil’s employees and contractors ability to provide ongoing services to Unitil, (ii) by reducing customer demand for electricity or natural gas, or (iii) by reducing the supply of electricity or natural gas, each of which could have an adverse impact on Unitil’s financial condition, results of operations, and cash flows.
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/ Laurence M. Brock | |
| Laurence M. Brock | ||
| Senior Vice President, Chief Financial Officer and Treasurer | ||
Date: March 26, 2020