WGL Holdings Inc. (WGL, Financial) filed Quarterly Report for the period ended 2010-12-31.
Wgl Holdings Inc. has a market cap of $1.84 billion; its shares were traded at around $37.36 with a P/E ratio of 15.74 and P/S ratio of 0.68. The dividend yield of Wgl Holdings Inc. stocks is 4.19%. Wgl Holdings Inc. had an annual average earning growth of 2.8% over the past 10 years.Hedge Fund Gurus that owns WGL: Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns WGL: Diamond Hill Capital of Diamond Hill Capital Management Inc, Mario Gabelli of GAMCO Investors.
On November 16, 2007, the PSC of MD issued a final order in a rate case, which established a phase-two proceeding to review Washington Gas request to implement a PBR plan and issues raised by the parties associated with Washington Gas BPO agreement. On September 4, 2008, a proposed order of the Hearing Examiner was issued in this phase-two proceeding. Consistent with Washington Gas current accounting methodology, the proposed order approved 10-year amortization accounting for initial implementation costs related to Washington Gas BPO plan. At December 31, 2010 and September 30, 2010, we had recorded a regulatory asset of $6.2 million and $6.4 million, respectively, net of amortization, related to initial implementation costs allocable to Maryland associated with our BPO plan. Washington Gas application seeking approval of a PBR plan was denied. Additionally, the proposed order (i) directs Washington Gas to obtain an independent management audit related to BPO issues raised in the phase-two proceeding and (ii) directs the initiation of a collaboration process in which Washington Gas is directed to engage in discussions with the Staff of the PSC of MD (MD Staff), the MD OPC and interested parties to develop appropriate customer service metrics and a periodic form for reporting results similar to the metrics filed by Washington Gas as part of the approved settlement in Virginia. Aspects of this proposed order were appealed by the parties in November, 2008. A final decision by the PSC of MD is pending.
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Wgl Holdings Inc. has a market cap of $1.84 billion; its shares were traded at around $37.36 with a P/E ratio of 15.74 and P/S ratio of 0.68. The dividend yield of Wgl Holdings Inc. stocks is 4.19%. Wgl Holdings Inc. had an annual average earning growth of 2.8% over the past 10 years.Hedge Fund Gurus that owns WGL: Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns WGL: Diamond Hill Capital of Diamond Hill Capital Management Inc, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Based on the results reflected in the annual information filing, Washington Gas has recorded a regulatory asset of approximately $0.5 million of previously expensed hexane costs and on June 23, 2010 filed an application with the SCC of VA requesting the authority to bill the cost of this hexane to customers in accordance with the provision of the Settlement Stipulation in the last rate proceeding. On July 22, 2010, the Commission issued an Order for Notice and Comment in this proceeding. Washington Gas filed direct testimony on August 18, 2010 and the Staff issued its report on October 21, 2010. The Staff found that Washington Gas request to recover $0.5 million of hexane costs would not result in earnings exceeding Washington Gas 10% allowed rate of return on average common equity threshold and therefore Washington Gas should be allowed to bill the amounts. Washington Gas filed its response to the Staffs Report on November 4, 2010. On December 15, 2010, the SCC of VA issued an Order approving the Washington Gas proposed billing of the cost of hexane.On November 16, 2007, the PSC of MD issued a final order in a rate case, which established a phase-two proceeding to review Washington Gas request to implement a PBR plan and issues raised by the parties associated with Washington Gas BPO agreement. On September 4, 2008, a proposed order of the Hearing Examiner was issued in this phase-two proceeding. Consistent with Washington Gas current accounting methodology, the proposed order approved 10-year amortization accounting for initial implementation costs related to Washington Gas BPO plan. At December 31, 2010 and September 30, 2010, we had recorded a regulatory asset of $6.2 million and $6.4 million, respectively, net of amortization, related to initial implementation costs allocable to Maryland associated with our BPO plan. Washington Gas application seeking approval of a PBR plan was denied. Additionally, the proposed order (i) directs Washington Gas to obtain an independent management audit related to BPO issues raised in the phase-two proceeding and (ii) directs the initiation of a collaboration process in which Washington Gas is directed to engage in discussions with the Staff of the PSC of MD (MD Staff), the MD OPC and interested parties to develop appropriate customer service metrics and a periodic form for reporting results similar to the metrics filed by Washington Gas as part of the approved settlement in Virginia. Aspects of this proposed order were appealed by the parties in November, 2008. A final decision by the PSC of MD is pending.
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