Calgary, Alberta--(Newsfile Corp. - December 22, 2022) - TriSummit Utilities Inc. ("TSU") announced that the Regulatory Commission of Alaska (the "RCA") approved the joint application of its wholly-owned United States subsidiary, Alaska Utility Holdings Inc. ("AUHI"), and SEMCO Energy, Inc. ("SEMCO"), a wholly-owned United States subsidiary of AltaGas Ltd., for AUHI to acquire (the "Acquisition") ENSTAR Natural Gas Company, the Alaska Pipeline Company, the Norstar Pipeline Company and a 65 percent indirect interest in Cook Inlet Natural Gas Storage Alaska, LLC (the "Alaska Utilities Business") from SEMCO, subject to certain customary conditions and post-closing filing requirements.

On May 26, 2022, TSU announced that AUHI and SEMCO had entered into a definitive agreement pursuant to which AUHI would acquire the Alaska Utilities Business for approximately C$1 billion (US$800 million), subject to customary closing adjustments. The RCA approval was the last remaining material regulatory closing condition to be satisfied in connection with the Acquisition. The Acquisition remains subject to other customary closing conditions and is scheduled to close on February 28, 2023.

About TSU

TSU is a Canadian company with natural gas distribution utilities and renewable power generation assets. TSU serves approximately 133,000 customers across Canada, delivering low carbon energy, safely and reliably.

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This press release contains forward-looking statements. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to TSU or an affiliate of TSU, are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements with respect to, among other things, the closing of the Acquisition. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements. Such statements reflect TSU's current 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 TSU's public disclosure documents. Many factors could cause TSU's actual results, performance or achievements to vary from those described in this press 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 press release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this press release, should not be unduly relied upon. Such statements speak only as of the date of this press release. TSU does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.


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