A rate freeze and a community benefit fund for Central Hudson Gas & Electric Corp. are among the highlights in a joint petition filed with the New York State Public Service Commission for Fortis Inc., the largest investor-owned distribution utility in Canada, to acquire CH Energy Group, Inc.
"The joint petition includes the potential for at least $20 million in overall benefits for customers and the communities we serve," said Steven V. Lant, CH Energy chairman, president and CEO. "For example, if approved, the merger transaction would provide a rate freeze until July 2014 and could moderate future rate filings. Fortis has pledged to provide a community benefit fund of $5 million devoted to broader community interests, such as economic development, energy efficiency and low-income programs, and an additional $5 million to absorb costs that would normally be recovered in rates from customers."
