|By Marketwired .||
|July 25, 2014 05:09 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 07/25/14 -- Industry Minister James Moore made the following statement today on Berkshire Hathaway Energy's application under the Investment Canada Act to acquire control of AltaLink, an electricity transmission company based in Alberta:
"Berkshire Hathaway Energy's application to acquire control of AltaLink has been approved. However, approval of this transaction is also required by the Alberta Utilities Commission before it may proceed.
"Foreign investment transactions are reviewed on their merits and the overall economic benefit to Canada. In making my determination, I carefully considered the plans, undertakings and other information submitted by the investor in light of the net benefit factors listed in the Act."
As a result of this review, Berkshire Hathaway Energy has agreed to the following commitments:
-- There will be no reductions in the level of employment at AltaLink as a result of the transaction. -- AltaLink will remain locally managed and incorporated under the laws of Canada, with its headquarters, senior management team and operations located in Alberta. AltaLink's independent board of directors will also continue to be composed of a majority of Canadians. -- One hundred percent of AltaLink's earnings will be reinvested in AltaLink, elsewhere in Alberta or in other regions of Canada for at least five years. This commitment will support AltaLink's three-year C$2.7-billion investment in Alberta's energy infrastructure, subject to continued oversight by the Alberta Utilities Commission and the Alberta Electric System Operator. -- At least C$27 million will be invested in joint development opportunities in Canada and the United States, with Canadian partners, over the next five years. -- Berkshire Hathaway Energy will invest at least C$3 million of new funds over three years to support academic programs focused on energy-related topics, cultural organizations and community-based programs across Alberta. -- AltaLink's commitment to provide C$3 million over three years in community and charitable contributions across Alberta will be maintained. -- Berkshire Hathaway Energy will share best practices, at no cost, with AltaLink on safety, customer satisfaction, cybersecurity and supplier diversity. -- Berkshire Hathaway Energy will provide opportunities for Albertan and other Canadian companies to supply products and services to its other businesses.
Follow us on Twitter: @industrycanada
Office of the Honourable James Moore
Minister of Industry
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