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): July 15, 2013
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)) |
Item 7.01 Regulation FD Disclosure
On July 15, 2013, Unitil Corporation (“Unitil” or “Registrant”) issued a press release announcing that the electric division of its Massachusetts gas and electric distribution utility, Fitchburg Gas and Electric Light Company, filed a rate case with the Massachusetts Department of Public Utilities (“Department”) requesting approval to change its electric distribution base rates. If approved, the filing would provide for recovery of past deferred major storm restoration costs and funding for enhanced customer service and reliability initiatives. The filing also includes a proposal for a multi-year rate plan to provide for the recovery of costs associated with providing safe and reliable distribution services. Separately, consistent with Department precedent for other utilities, the Company is also proposing to establish a major storm reserve fund to address the costs of future major storms through a major storm recovery adjustment factor. 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 | July 15, 2013 press release announcing the filing of a rate case for Fitchburg Gas and Electric Light Company. | |
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/ Mark H. Collin | |
| Mark H. Collin | ||
| Senior Vice President, Chief Financial Officer and Treasurer | ||
Date: July 16, 2013
EXHIBIT INDEX
| Number | Exhibit | |
| 99.1 | July 15, 2013 press release announcing the filing of a rate case for Fitchburg Gas and Electric Light Company. | |
Exhibit 99.1
FOR IMMEDIATE RELEASE
UNITIL FILES FOR A CHANGE IN ELECTRIC DISTRIBUTION RATES FOR MASSACHUSETTS CUSTOMERS
JULY 15, 2013 Hampton, New Hampshire – Unitil Corporation (NYSE:UTL) (www.unitil.com) announced today that its Massachusetts electric distribution utility filed a rate case with the Massachusetts Department of Public Utilities (“Department”) requesting approval to change its electric distribution base rates.
Unitil requested an increase of $6.7 million in base distribution revenue effective June 1, 2014, or an 11.5 percent increase over total revenue of its Massachusetts electric utility. This filing is subject to review by the Department. If approved, the filing would provide for recovery of past deferred major storm restoration costs and funding for enhanced customer service and reliability initiatives. The filing also includes a proposal for a multi-year rate plan to provide for the recovery of costs associated with providing safe and reliable distribution service.
Separately, consistent with Department precedent for other utilities, the Company is also proposing to establish a major storm reserve fund to address the costs of future major storms and to eventually collect $2.8 million per year through a reconciling storm recovery adjustment factor. The Company proposed that the funding of the major storm reserve not commence until January 1, 2015 in order to coincide with expected reductions in the Company’s transition charge. After giving effect to the expected reductions in the Company’s transition charge through the end of 2014, total delivery revenues will decrease by $3.1 million or 5.3% of total revenue. Impacts on individual customers will vary depending upon rate class and usage characteristics.
“While the final order on this rate case is expected in mid-2014, Unitil’s transition rate, a holdover from the state’s move toward deregulation, is scheduled to drop off substantially by January 1, 2015,” Unitil Chairman and Chief Executive Officer Robert G. Schoenberger said. “The drop in transition charges will offset the proposed increases.”
6 Liberty Lane West
Hampton, New Hampshire 03842
www.unitil.com
Ph: 603-772-0775 Fax: 603-773-6605
About Unitil Corporation
Unitil Corporation provides for the necessities of life, safely and reliably delivering natural gas and electricity throughout northern 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 is a public utility holding company with affiliates that include Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, Northern Utilities, Inc., and Granite State Gas Transmission, Inc. Together; Unitil Corporation’s operating utilities serve approximately 101,700 electric customers and 73,700, natural gas customers. Other subsidiaries include Unitil Service Corp. and Usource, a non-regulated business segment. For more information about our people, technologies, and community involvement please visit www.unitil.com.
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For more information please contact:
David Chong – Investor Relations
Phone: 603-773-6499
Email: chong@unitil.com
Alec O’Meara – Media Relations
Phone: 603-773-6404
Email: omeara@unitil.com