AltaGas Announces Close of Blythe Energy Center

AltaGas Announces Close of Blythe Energy Center 
CALGARY, ALBERTA -- (Marketwired) -- 05/16/13 -- AltaGas Ltd.
("AltaGas") (TSX:ALA)(TSX:ALA.PR.A)(TSX:ALA.PR.U) announced today
that through its indirect wholly owned subsidiary AltaGas Power
Holdings (U.S.) Inc., it has successfully completed the acquisition
of Blythe Energy, LLC ("Blythe"), which owns a 507 MW natural
gas-fired combined cycle plant (the "Blythe Energy Center"),
associated major spare parts, and a related 230 kV 67-mile electric
transmission line in Southern California, for US$515 million. 
"Blythe is an important addition to our energy infrastructure
portfolio and fits well with our strategy," said David Cornhill,
Chairman and CEO of AltaGas. "The addition of natural gas-fired power
generation in the US provides us with another platform for growth to
meet the increasing demand for clean sources of energy and capitalize
on the renaissance of natural gas." 
The Blythe Energy Center is contracted under a Power Purchase
Agreement ("PPA") through to July 2020 with Southern California
Edison. Contract provisions match PPA revenues to all major plant
The Blythe Energy Center is well positioned upon expiry of the PPA in
2020 to contract with other market participants due to its location
and ability to serve both the California Independent System Operator
and Desert Southwest markets. The demand for cleaner energy sources,
including natural gas, continues to be strong across North America
and is a key driver for potential future growth of the Blythe Energy
Center. Blythe is located on an owned 76-acre site which provides a
significant geographic footprint for potential future expansion. 
The Acquisition is expected to be accretive to earnings and cash flow
per share in 2014, the first full year of ownership, and is expected
to add approximately $50 million in incremental contracted EBITDA per
AltaGas is an energy infrastructure business with a focus on natural
gas, power and regulated utilities. AltaGas creates value by
acquiring, growing and optimizing its energy infrastructure,
including a focus on clean energy sources. For more information
This news release contains forward-looking statements. When used in
this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to
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uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
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views with respect to future events based on certain material factors
and assumptions and are subject to certain risks and uncertainties,
including without limitation, changes in market, competition,
governmental or regulatory developments, general economic conditions
and other factors set out in AltaGas' public disclosure documents.
Many factors could cause AltaGas' actual results, performance or
achievements to vary from those described in this news release,
including without limitation those listed above. These factors should
not be construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this news release as intended,
planned, anticipated, believed, sought, proposed, estimated or
expected, and such forward-looking statements included in, or
incorporated by reference in this news release, should not be unduly
relied upon. Such statements speak only as of the date of this news
release. AltaGas does not intend, and does not assume any obligation,
to update these forward-looking statements. The forward-looking
statements contained in this news release are expressly qualified by
this cautionary statement.
AltaGas Ltd.
Investment Community
AltaGas Ltd.
(403) 691-9873
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