Enstar Sold to AltaGas
Enstar, the natural gas utility in the Cook Inlet area, is being sold to a Canadian corporation. Enstar belongs to Semco Energy, which in turn was owned by Continental Energy Systems in Michigan. The company that is buying Semco is AltaGas, of Calgary, which already owns other natural gas distribution systems in the north and a hydro-electric project on the Iskut River in British Columbia. It is paying 1.135 billion dollars for a U-S presence.
Enstar spokesman John Sims says customers should see no change.
“It’s important to understand, or for customers to understand that this will have no immediate impact on base rates. There won’t be an adjustment in rates until 2014, which our next scheduled rate case is, so, you know, from that perspective, to customers, it should be seamless,” Sims said.
Sims also says Enstar’s president and management team have been retained and it’s largely unionized staff’s contracts will be honored by AltaGas.
The transaction is expected to be closed in the third quarter of 2012.