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Cision Canada
05-05-2025
- Business
- Cision Canada
SiEnergy to Acquire EPCOR's Texas Natural Gas Utility
Acquisition expands SiEnergy's footprint in Houston area and supports EPCOR's U.S. growth strategy focused on water PORTLAND, Ore. and GLENDALE, Ariz, May 5, 2025 /CNW/ - SiEnergy Operating (SiEnergy), a wholly owned subsidiary of Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings), and EPCOR USA Inc. (EPCOR USA) today announced an agreement for SiEnergy to acquire 100% of the capital stock of Hughes Gas Resources, Inc. (EPCOR Texas Gas) for $60 million. The transaction is expected to close in the second quarter of 2025. EPCOR Texas Gas's assets include approximately 6,900 metered connections and 353 miles of pipeline that serve 12 communities northeast of Houston. EPCOR Texas Gas, which has owned and operated the assets since 2017, is expected to have a rate base of approximately $46 million at the end of 2025. "With a similar business model as SiEnergy, Hughes has grown organically by providing infrastructure to residential and commercial developments in high-growth areas surrounding Houston," said NW Natural Holdings CEO Justin Palfreyman. "This is a great fit for us as we continue to expand and diversify our overall utility portfolio in Texas." "Today's announcement reflects a strategic decision by EPCOR USA to focus growth plans in Texas on water opportunities," said John Elford, President and CEO of EPCOR Utilities Inc. "Our natural gas customers and operations teams will also benefit from SiEnergy's scale and experience as a natural gas utility operator, and we look forward to working together to facilitate a seamless transition of service." "SiEnergy and EPCOR share a common focus on providing safe, reliable service to customers and communities," said SiEnergy president June Dively. "We are excited for this opportunity to expand SiEnergy's presence in metro Houston." "SiEnergy is a proven, high-quality natural gas utility founded in the Houston area. Our customers in Texas will benefit from SiEnergy's substantial footprint in natural gas utilities while EPCOR continues to focus on growing its water business in the United States," said Joe Gysel, Senior Vice President of North American Commercial Services for EPCOR. About NW Natural Holdings Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon and has been doing business for over 166 years. It owns Northwest Natural Gas Company (NW Natural), SiEnergy Operating (SiEnergy), NW Natural Water Company (NW Natural Water), NW Natural Renewables Holdings (NW Natural Renewables), and other business interests. NW Natural Holdings through its subsidiaries provides critical energy and delivers essential water and wastewater services to nearly one million meters across seven states. We have a longstanding commitment to safety, environmental stewardship and the energy transition, and taking care of our employees and communities. NW Natural Holdings was recognized by Ethisphere® for four years running as one of the World's Most Ethical Companies®. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. "World's Most Ethical Companies" and "Ethisphere" names and marks are registered trademarks of Ethisphere LLC About EPCOR USA Inc. EPCOR USA Inc. and its U.S. affiliates are wholly owned subsidiaries of North American utility leader EPCOR Utilities Inc. and collectively are among the largest private utilities in the Southwest, providing water, wastewater, wholesale water and natural gas service to approximately 1,005,000 people across 46 communities and 18 counties in Arizona, New Mexico and Texas. EPCOR USA delivers 165.4 billion gallons of water annually and, since entering the U.S. market in 2012, has returned more than 26 billion gallons of clean water to the natural water cycle. About EPCOR Utilities Inc. EPCOR, through its wholly owned subsidiaries, builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, sanitary and stormwater systems, and infrastructure in Canada and the United States. EPCOR also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, is committed to conducting its business and operations safely and responsibly. Environmental stewardship, public health and community well-being are at the heart of EPCOR's mission to provide clean water and safe, reliable energy. EPCOR is an Alberta Top 85 employer, is ranked among Corporate Knights' 2024 Best 50 Corporate Citizens in Canada, and is designated a Utility of the Future Today by the Water Environment Federation. Forward Looking Information Certain information in this media release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target", and "expect" or similar words suggest future outcomes. The purpose of forward-looking information is to provide investors with management's assessment of future plans and possible outcomes and may not be appropriate for other purposes. Forward looking information includes: (i) expected rate base of EPCOR Texas Gas, and (ii) EPCOR's future growth plans and strategies. NW Natural Holdings Investor Contact: Nikki Sparley Phone: 503-721-2530 Email: [email protected] NW Natural Holdings Media Contact: David Roy Phone: 503-610-7157 Email: [email protected] EPCOR Media Contact: Rebecca Stenholm Phone: 623-445-2424 Email: [email protected] SOURCE Epcor Utilities Inc.
Cision Canada
01-05-2025
- Business
- Cision Canada
EPCOR Announces Quarterly Results and Release of 2024 Sustainability Report
EDMONTON, AB, May 1, 2025 /CNW/ - EPCOR Utilities Inc. (EPCOR) today filed its quarterly results for the period ended March 31, 2025. "First quarter financial performance was in line with expectations, supported by steady growth across EPCOR's footprint," said John Elford, EPCOR President & CEO. "Growth also continues to drive our plans for investment in infrastructure expansion and renewal." View PDF "In January, EPCOR and other Alberta regulated electricity retailers implemented a new energy product, the Rate of Last Resort (RoLR), a fixed two-year electricity rate available to all residential and small commercial customers," said Mr. Elford. "Throughout the implementation process, our teams focused on ensuring a smooth transition and mitigating potential risks for our customers. We also help customers control their energy costs by entering into fixed-price contracts through our competitive retailer Encor by EPCOR – the fastest-growing competitive energy retailer in Alberta." "Today marks the release of EPCOR's 2024 Sustainability Performance Update," added Mr. Elford. "This year's report reflects the progress we're making across key sustainability priorities. From expanding access to safe water and advancing clean energy solutions, to deepening our relationships with Indigenous communities and strengthening climate resilience, we continue to move forward with purpose and care. We remain committed to delivering value by balancing necessary investments with keeping costs manageable for our customers. Between 2022 and 2024 our teams limited the average annual increase in operating costs per customer in our regulated utilities to less than 2.5%, delivering value in an environment where North American consumer price increases averaged around 3.8% per year." Highlights of EPCOR's financial performance are as follows: Net income was $103 million for the three months ended March 31, 2025, compared with net income of $104 million for the comparative period in 2024. The decrease of $1 million was primarily due to fair value adjustments related to financial electricity purchase contracts and higher depreciation, partially offset by higher Adjusted EBITDA 1 and higher transmission system access service charge net collections. Adjusted EBITDA 1 was $289 million for the three months ended March 31, 2025, compared with $260 million for the comparative period in 2024. The increase of $29 million was primarily due to higher rates, consumption, customer growth, and higher regulated electricity margins, partially offset by higher staff costs and lower commercial activity. Capital expenditures were $194 million for the three months ended March 31, 2025, compared with $190 million for the corresponding period in 2024. Interim management's discussion and analysis and the unaudited condensed consolidated interim financial statements are available on EPCOR's website ( and SEDAR+ ( EPCOR builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, and sanitary and stormwater systems in Canada and the United States. EPCOR also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, is committed to conducting its business and operations safely and responsibly. Environmental stewardship, public health and community well-being are at the heart of EPCOR's mission to provide clean water and safe, reliable energy. EPCOR is one of Alberta's Top 85 Employers, is ranked among Corporate Knights' 2024 Best 50 Corporate Citizens in Canada, and is designated a Utility of the Future Today by the Water Environment Federation. Adjusted EBITDA is a non-GAAP financial measure. See the Non-GAAP Financial Measures section in Appendix 1 to this media release. Appendix 1 Non-GAAP Financial Measures EPCOR uses earnings before finance expenses, income tax recovery (expense), depreciation and amortization, changes in the fair value of derivative financial instruments, transmission system access service charge net collections and other unusual items (collectively, Adjusted EBITDA) to discuss operating results for EPCOR's lines of business. Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation between Adjusted EBITDA to Net income as reported under IFRS Accounting Standards is shown below: 1. The change in fair value of derivative financial instruments represents the change in fair value of financial electricity purchase contracts between the electricity forward prices and the contracted prices at the end of the reporting period, for the contracted volumes of electricity. 2. Transmission system access service charge net collections are the difference between the transmission system access service charges paid to the provincial system operators and the transmission system access service charges collected from electricity retailers. Transmission system access service charge net collections are timing differences, which are collected from or returned to electricity retailers as the transmission system access service charges and customer billing determinants are finalized. SOURCE Epcor Utilities Inc.
