AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U) received the
ruling of the independent arbitration panel which evaluated the merits of a
force majeure claim in relation to outages of the Sundance 3 facility that first
occurred in the second quarter 2010. 


The independent arbitration panel issued its ruling on November 22, 2012 which
granted partial force majeure relief to the operator of the facility. Based on
this decision, AltaGas expects to receive a cash payment of approximately $5
million from the operator of the facility and expects to record an after-tax,
non-cash charge of approximately $8 million in the fourth quarter of 2012.  


In June 2010, the facility operator declared force majeure due to the mechanical
failure of critical generator components at its 353 megawatt (MW) Sundance 3
generator. Based on information available at that time, AltaGas and its partner
in the ASTC Power Partnership disagreed with the operator's claim and initiated
the dispute resolution process prescribed by the Power Purchase Arrangement.
This resulted in a binding arbitration process that was conducted earlier in
2012. 


AltaGas is an energy infrastructure business with a focus on natural gas, power
and regulated utilities. AltaGas creates value by acquiring, growing and
optimizing its energy infrastructure, including a focus on renewable energy
sources.  


This news release contains forward-looking statements. When used in this news
release, the words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "seek", "propose", "estimate", "expect", and similar
expressions, as they relate to AltaGas or an affiliate of AltaGas, are intended
to identify forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other things,
business objectives, expected growth, results of operations, performance,
business projects and opportunities and financial results. These statements
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect AltaGas' current views with
respect to future events based on certain material factors and assumptions and
are subject to certain risks and uncertainties, including without limitation,
changes in market, competition, governmental or regulatory developments, general
economic conditions and other factors set out in AltaGas' public disclosure
documents. Many factors could cause AltaGas' actual results, performance or
achievements to vary from those described in this news release, including
without limitation those listed above. These factors should not be construed as
exhaustive. Should one or more of these risks or uncertainties materialize, or
should assumptions underlying forward-looking statements prove incorrect, actual
results may vary materially from those described in this news release as
intended, planned, anticipated, believed, sought, proposed, estimated or
expected, and such forward-looking statements included in, or incorporated by
reference in this news release, should not be unduly relied upon. Such
statements speak only as of the date of this news release. AltaGas does not
intend, and does not assume any obligation, to update these forward-looking
statements. The forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.


FOR FURTHER INFORMATION PLEASE CONTACT: 
AltaGas Ltd.
Investment Community
1-877-691-7199
investor.relations@altagas.ca


AltaGas Ltd.
Media
(403) 691-9873
media.relations@altagas.ca
www.altagas.ca
AltaGas (TSX:ALA.PR.U)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more AltaGas Charts.
AltaGas (TSX:ALA.PR.U)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more AltaGas Charts.