NEW YORK--(BUSINESS WIRE)--Macquarie Infrastructure Company (NYSE:MIC) announced that its Hawaii Gas business has received approval from the Hawaii Public Utilities Commission (“HPUC”) to land containerized liquefied natural gas (“LNG”) in Hawaii. The decision by the HPUC was issued on March 6, 2014. Hawaii Gas is currently the only company in Hawaii approved to introduce LNG into the state.
Hawaii Gas intends to ship LNG from the U.S. mainland and use it as a backup fuel source for its synthetic natural gas operations on Oahu. The initiative will increase the reliability of its fuel supply to residential and commercial customers.
“Our Hawaii Gas business has been diligently pursuing its LNG strategy for the past few years,” said James Hooke, Chief Executive Officer of MIC. “We’re pleased with the decision of the HPUC and look forward to having Hawaii Gas bring a relatively lower cost, clean-burning energy source to Hawaii.”
Hawaii Gas intends to use ISO (International Organization for Standardization) containers to ship LNG from the West Coast to Oahu on conventional container ships. ISO containers typically hold approximately 10,000 gallons of LNG. The LNG will be re-gasified and introduced into Hawaii Gas’ distribution pipelines in Honolulu using a mobile vaporization unit.
Synthetic natural gas and re-gasified LNG are chemically virtually identical. Customers of Hawaii Gas should not notice any difference in the performance of their appliances as a result of the introduction of re-gasified LNG into the Hawaii Gas system.
About Macquarie Infrastructure Company
Macquarie Infrastructure Company owns, operates and invests in a portfolio of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a an airport services business, Atlantic Aviation, a gas processing and distribution business, Hawaii Gas, and a 50% interest in a bulk liquid terminals business, International-Matex Tank Terminals. MIC also owns and operates businesses in a Contracted Power and Energy segment including five solar power generation facilities and a district energy business. The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic.
This release contains forward-looking statements. MIC may, in some cases, use words such as "project”, "believe”, "anticipate”, "plan”, "expect”, "estimate”, "intend”, "should”, "would”, "could”, "potentially”, or "may” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements in this release are subject to a number of risks and uncertainties, some of which are beyond MIC’s control and which are described in the Company’s filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. These risks and uncertainties include, among other things, changes in general economic or business conditions; its ability to service, comply with the terms of and refinance debt, successfully integrate and manage acquired businesses, retain or replace qualified employees, manage growth, make and finance future acquisitions, and implement its strategy; its shared decision-making with co-investors over investments including the distribution of dividends; its regulatory environment establishing rate structures and monitoring quality of service, demographic trends, the political environment, the economy, tourism, construction and transportation costs, air travel, environmental costs and risks, fuel and gas costs; its ability to recover increases in costs from customers, reliance on sole or limited source suppliers, risks or conflicts of interests involving its relationship with the Macquarie Group and changes in U.S. federal tax law.
MIC’s actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which MIC is not currently aware could also cause its actual results to differ. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this release may not occur. These forward-looking statements are made as of the date of this release. MIC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
“Macquarie Group” refers to the Macquarie Group of companies, which comprises Macquarie Group Limited and its worldwide subsidiaries and affiliates. Macquarie Infrastructure Company LLC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Infrastructure Company LLC.