DES MOINES, Iowa--(BUSINESS WIRE)--Berkshire Hathaway Energy (BHE) announced that it received notice July 25, 2014 from the Canadian Minister of Industry that its acquisition of AltaLink has been approved under the Investment Canada Act.
Consistent with its operating philosophy, BHE will invest in AltaLink, Alberta and Canada for the long term. The announced undertakings are the beginning of that long-term investment.
BHE has committed that AltaLink will remain locally managed and incorporated under the laws of Canada, with its headquarters, senior management team and operations located in Alberta. AltaLink’s independent board of directors will also continue to be comprised of a majority of Canadians. There will be no reductions in employment levels at AltaLink as a result of the transaction.
BHE also made a series of additional commitments to Canada in connection with the approval:
- Reinvest 100 percent of AltaLink’s earnings back into AltaLink, elsewhere in Alberta or other regions of Canada. This commitment will support AltaLink’s C$2.7 billion investment in Alberta’s energy infrastructure planned over the next three years, subject to continued oversight by the Alberta Utilities Commission and the Alberta Electric System Operator.
- Spend at least C$27 million to pursue joint development opportunities with Canadian partners in Canada and the U.S.
- Invest at least C$3 million of new funds to support Alberta-based academic programs focused on energy-related topics, cultural organizations and community-based programs.
- Maintain AltaLink’s commitment to provide C$3 million over three years in community and charitable contributions across Alberta.
- Share best practices, at no cost, with AltaLink on safety, customer satisfaction, cybersecurity and supplier diversity.
- Provide opportunities for Albertan and other Canadian companies to supply products and services to other BHE businesses.
The purchase of AltaLink continues to be subject to customary closing conditions, including the required approval by the Alberta Utilities Commission. The transaction is expected to be completed by the end of 2014.
Berkshire Hathaway Energy
Berkshire Hathaway Energy owns a portfolio of locally managed businesses that share a vision for the energy future, make sustainable investments to achieve that vision, and had $70 billion of assets as of Dec. 31, 2013. These businesses deliver safe, reliable service each day to more than 8.4 million customers and end-users around the world and consistently rank high among its peers in customer satisfaction. Berkshire Hathaway Energy is headquartered in Des Moines, Iowa, U.S.A. Learn more and see a complete list of our businesses at www.berkshirehathawayenergyco.com.