VECTREN CORPORATION (NYSE:VVC) Files An 8-K Other EventsItem 8.01.Other Events
Vectren Corporation (Vectren) has an investment in ProLiance Holdings, LLC (ProLiance), an affiliate of Vectren and Citizens Energy Group (Citizens). Vectren’s ownership share is 61%, which it accounts for using the equity method. ProLiance’s primary investment, through subsidiary ProLiance Transportation and Storage, LLC (PT&S), is in LA Storage, LLC (LA Storage). PT&S and Sempra Energy International (SEI), a subsidiary of Sempra Energy (Sempra), through a joint venture, have a 100 percent interest in LA Storage, a development project for salt-cavern natural gas storage facilities. PT&S is the minority member with a 25 percent interest, which it accounts for using the equity method.
On June 27, 2018, Sempra announced a plan to divest of certain natural gas storage assets and a resulting impairment charge related to those assets. Though not noted specifically in Sempra’s announcement, it is likely that the impairment charge to be recorded by Sempra will include an amount related to the LA Storage assets. Vectren is evaluating the potential impacts of Sempra’s announcement and, to the extent appropriate, will reflect any impairment charge in the quarter ended June 30, 2018. At March 31, 2018, Vectren’s total investment in ProLiance was $23.1 million.
Item 9.01. Exhibits.
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Exhibit Number |
Description |
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99.1 |
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 |
VECTREN CORP ExhibitEX-99.1 2 exhibit991-proliancefls.htm EXHIBIT 99.1 FLS Exhibit EXHIBIT 99.1Forward-Looking InformationA “safe harbor” for forward-looking statements is provided by the Private Securities Litigation Reform Act of 1995 (Reform Act of 1995). The Reform Act of 1995 was adopted to encourage such forward-looking statements without the threat of litigation,…To view the full exhibit click here
About VECTREN CORPORATION (NYSE:VVC)
Vectren Corporation (Vectren) is an energy holding Company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc. (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc. (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc. (VEDO). The Company, through Vectren Enterprises Inc. (Enterprises), is involved in non-utility activities in two primary business areas: Infrastructure Services and Energy Services. Infrastructure Services provides underground pipeline construction and repair services. Energy Services provides energy performance contracting and sustainable infrastructure, such as renewables, distributed generation, and combined heat and power projects.
