CALGARY, ALBERTA--(Marketwired - May 1, 2014) - AltaLink L.P. (AltaLink) announced today that Berkshire Hathaway Energy has reached an agreement to purchase SNC-Lavalin's equity in AltaLink. Pending regulatory approval from the Alberta Utilities Commission (AUC), Berkshire Hathaway Energy will hold 100 per cent of the equity ownership of AltaLink. Under the terms of the agreement, Berkshire Hathaway Energy will purchase AltaLink for an estimated C$3.24 billion. The regulatory process is expected to close in late 2014 or early 2015.
"During this transition of ownership, AltaLink will continue to deliver the safe, reliable and cost-effective transmission service that Albertans expect and deserve," said Scott Thon, AltaLink president and CEO. "Berkshire Hathaway Energy has a long and successful history of owning and operating diverse transmission and distribution systems in the United States. Combining its expertise with AltaLink's experience in Alberta's dynamic electricity industry will ensure our customers continue to receive world-class transmission service."
AltaLink will continue to operate as a separate company under Berkshire Hathaway Energy with its current name and will continue to be headquartered in Calgary.
Berkshire Hathaway Energy is a consolidated subsidiary of Berkshire Hathaway. Based in Des Moines, Iowa, Berkshire Hathaway Energy owns and operates approximately 284,000 kilometres of transmission and distribution lines in the United States. Berkshire Hathaway Energy also owns or contracts more than 28,000 megawatts of electricity generation.
"AltaLink's values align with our core principles, including the commitment to employees and their safety, customers, regulators and relationships with key stakeholders," said Greg Abel, chairman, president and CEO, Berkshire Hathaway Energy. "The acquisition of AltaLink represents a great long-term opportunity to invest in Alberta's critical transmission infrastructure. We see this as a great addition to the Berkshire Hathaway Energy family, and we look forward to having AltaLink continue to support the economic growth and evolving energy needs of Alberta."
Berkshire Hathaway Energy's operations are organized and managed as ten distinct platforms:
- MidAmerican Funding (which primarily consists of MidAmerican Energy)
- NV Energy (which primarily consists of Nevada Power and Sierra Pacific)
- Northern Natural Gas
- Kern River
- Northern Powergrid Holdings (which primarily consists of Northern Powergrid (Northeast) Limited and Northern Powergrid (Yorkshire) plc),
- MidAmerican Transmission (which owns a 50% interest in ETT and Electric Transmission America, LLC),
- MidAmerican Renewables, LLC (which owns interests in independent power projects in the United States),
- CalEnergy Philippines (which owns a majority interest in the Casecnan project in the Philippines),
- HomeServices of America
More information about Berkshire Hathaway Energy and its businesses can be found at www.berkshirehathawayenergyco.com.
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta's largest transmission provider. AltaLink is actively working with stakeholders to build new transmission projects in response to the province's growth. We ensure the transmission system will reliably meet Albertans' energy needs today and in the future, by providing access to clean, renewable electric energy and the lowest-priced supply available in the province.