8-K
UNITIL CORP (UTL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 2, 2021
UNITIL CORPORATION
(Exact name of registrant as specified in its charter)
| New Hampshire | 1-8858 | 02-0381573 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
| 6 Liberty Lane West,<br> <br>Hampton, New Hampshire | 03842-1720 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (603) 772-0775
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br> <br>Symbol | Name of each exchange<br> <br>of which registered |
|---|---|---|
| Common Stock, no par value | UTL | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On April 2, 2021, Unitil Corporation (“Unitil” or “Registrant”) issued a press release announcing that its electric distribution utility, Unitil Energy Systems, Inc., filed a rate case requesting approval to change its electric distribution base rates with the New Hampshire Public Utilities Commission. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Number | Exhibit |
|---|---|
| 99.1 | Press Release dated April 2, 2021. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITIL CORPORATION | |
|---|---|
| By: | /s/ Robert B. Hevert |
| Robert B. Hevert | |
| Senior Vice President, Chief Financial Officer and Treasurer |
Date: April 5, 2021
EX-99.1
Exhibit 99.1
Page 1 of 2
FOR RELEASE
Unitil Files for a Change in Electric Distribution Rates for New Hampshire Customers
HAMPTON, N.H., APRIL 2, 2021 — Unitil Corporation (NYSE: UTL) (www.unitil.com) announced today that its New Hampshire electric distribution utility, Unitil Energy Systems, Inc., (“UES” or the “Company”) filed a base rate case with the New Hampshire Public Utilities Commission (the “Commission”) requesting approval to change distribution rates for all customers. This filing will be subject to comprehensive review by the Commission in a base rate case proceeding that may last up to a year or more. The Company’s last base rate case was filed in 2016.
UES’s multi-year rate filing includes proposed initiatives to advance New Hampshire’s energy, environmental, and regulatory policies, and to enable customers to adopt new technologies and better manage their energy consumption. Those proposals include foundational investments needed to modernize the electric grid, time of use rates for electric vehicle charging and other residential uses, an electric vehicle infrastructure development program, a revenue decoupling mechanism, resiliency programs to further the Company’s commitment to reliability, and an arrearage management program for customers experiencing difficulty in paying their energy bills. The Company’s proposal also includes certain provisions intended to mitigate the rate filing’s effect on customer rates, and to limit future rate increases.
UES requested an electric base rate increase of $11.99 million, or 4.4 percent over total annual revenue at present rates. If the rates are approved as filed, the typical residential electric customer using an average of 600 kWh a month would see an increase of $9.87 per month, or 8.2 percent. Effects on individual customers will vary depending on rate class and usage characteristics.
About Unitil Corporation
Unitil Corporation provides energy for life by safely and reliably delivering natural gas and electricity in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 107,100 electric customers and 85,600 natural gas customers. For more information about our people, technologies, and community involvement please visit www.unitil.com.
6 Liberty Lane West
Hampton, NH 03842
T 603.772.0775
www.unitil.com
Page 2 of 2
| For more information please contact: | |
|---|---|
| Todd Diggins – Investor Relations | Alec O’Meara – Media Relations |
| Phone:<br>603-773-6504 | Phone: 603-773-6404 |
| Email: diggins@unitil.com | Email: omeara@unitil.com |
6 Liberty Lane West
Hampton, NH 03842
T 603.772.0775
www.unitil.com