Porter Hedges Represents Alaska's Chugach Electric Association in the $152M Acquisition of Interest in Natural Gas Field from ConocoPhillips
Porter Hedges represented Chugach Electric Association, Inc. (“Chugach”) in its acquisition, along with Municipal Light & Power (“ML&P”), of ConocoPhillips’ one-third working interest in the Beluga River Unit natural gas field for $152 million. The Regulatory Commission of Alaska approved the purchase on April 21, 2016.
The final agreement transfers 70 percent ownership of the ConocoPhillips’ interest to ML&P and 30 percent to Chugach. The deal is estimated to save the residents of Anchorage millions of dollars and supply a significant portion of the utilities’ gas needs over the next two decades.
Chugach Electric Association, Inc. is a member-owned cooperative with 68,000 members, providing power through retail, wholesale and economy energy sales in Alaska. Chugach serves about 83,000 locations within its retail service area which includes much of Anchorage and surrounding areas.