ATLANTA, May 5, 2005 (BUSINESS WIRE) — The Georgia Public Service Commission (GPSC) voted 5-0 to stay the portion of its April 29, 2005 order (“Order”) in Atlanta Gas Light Company’s 2004-2005 rate case that applies to the September 2003 sale of the real property associated with the former headquarters of Atlanta Gas Light, a subsidiary of AGL Resources Inc.
Based on the Order, Atlanta Gas Light would have been required to reverse the gain on the sale of land recognized in 2003 and establish a regulatory liability to be amortized over a ten year period. The stay will allow the GPSC to consider issues to be raised by Atlanta Gas Light’s petition for reconsideration of the Order under Docket 18638-U. Accordingly, there is no impact on AGL Resources’ financial statements for the quarter ended March 31, 2005.
Atlanta Gas Light will file a petition for reconsideration of the Order on or about May 9, 2005. The stay was set for up to 40 days to allow the GPSC to fully consider any petitions for reconsideration.
Atlanta Gas Light filed a motion for an immediate stay of the Order on April 29, 2005.
About AGL Resources [ www.aglresources.com ]
AGL Resources, an Atlanta-based energy services holding company, serves 2.3 million customers in six states through its utility subsidiaries – Atlanta Gas Light, Elizabethtown Gas in New Jersey, Virginia Natural Gas, Florida City Gas, Chattanooga Gas, and Elkton Gas in Maryland. A Fortune 1000 company that ranks number 46 in the Fortune gas and electric utilities sector, AGL Resources reported 2004 revenue of $1.8 billion and net income of $153 million.
The company also owns Houston-based Sequent Energy Management, an asset manager serving natural gas wholesale customers throughout the East and Midwest. As a 70 percent owner in the SouthStar partnership, AGL Resources markets natural gas to consumers in Georgia under the Georgia Natural Gas brand. AGL Networks, the company’s telecommunications subsidiary, owns and operates fiber optic networks in Atlanta and Phoenix. The company also owns and operates Jefferson Island Storage & Hub, a high-deliverability natural gas storage facility near the Henry Hub in Louisiana.