The Pennsylvania Public Utility Commission recently approved a joint application by Aqua America and its subsidiaries, and Peoples Gas Company (the Peoples Companies) allowing Aqua America to purchase Peoples Companies for $4.3 billion.
Under the settlement, commitments were solidified for customer service and reliability, employment levels, infrastructure replacement, rate credits, and retail competition and financial governance.
Aqua America and its subsidiaries provide water and/or wastewater service to approximately 3 million customers in eight states. The Peoples Companies provide natural gas services to customers in all or portions of 18 Pennsylvania counties.
In preparation for the transaction’s closing, Aqua America has renamed itself Essential Utilities. The Peoples Companies will become a subsidiary. The name change will be effective Feb. 3.
The Essential executive leadership team will report to Chairman and CEO Christopher Franklin.
Peoples CEO Joseph Gregorini will become president of natural gas utilities. Aqua Deputy CEO Colleen Arnold will become president of water and wastewater utilities.
“Water and natural gas are vital services that play an important role in sustaining and enhancing life,” Franklin said. “As stewards of these services, we have a responsibility to protect the public and our employees through operational excellence and integrity in all we do.”