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Southern Company, AGL Resources receive final merger approval from New Jersey regulators

ATLANTA,  June 29, 2016 – Southern Company (NYSE: SO) and AGL Resources (NYSE: GAS) have received  unanimous regulatory approval of the companies' proposed merger from the New  Jersey Board of Public Utilities (BPU), which settles all issues in the proceeding.

AGL  Resources is the parent company of Elizabethtown Gas, a regulated utility providing  natural gas distribution services to customers in New Jersey.

 

The BPU’s decision represents the final  regulatory approval needed to close the previously announced merger, which was  unanimously approved by state regulators in each of the six required  jurisdictions in just 10 months. Subject  to the satisfaction of other customary closing conditions, Southern Company and  AGL Resources intend to close the transaction on or around July 1.

 

When  completed, the combination of Southern Company and AGL Resources is expected to  create the second-largest utility company in the U.S. by customer base, bringing  together:

     
  • Eleven regulated electric and natural gas  distribution companies providing service to approximately 9 million customers;
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  • Operations of nearly 200,000 miles of  electric transmission and distribution lines;
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  • More than 80,000 miles of gas pipelines; and
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  • Approximately 44,000 megawatts of electricity  generating capacity.

For more information about the proposed  merger, visit www.doingenergybetter.com.

 About Southern Company
  With  more than 4.5 million customers and approximately 44,000 megawatts of  generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier  energy company serving the Southeast through its subsidiaries. A leading U.S.  producer of clean, safe, reliable and affordable electricity, Southern Company  owns electric utilities in four states and a growing competitive generation  company, as well as fiber optics and wireless communications. Southern Company  brands are known for excellent customer service, high reliability and  affordable prices that are below the national average. Through an  industry-leading commitment to innovation, Southern Company and its  subsidiaries are inventing America’s energy future by developing the full  portfolio of energy resources, including nuclear, 21st century coal, natural  gas, renewables and energy efficiency, and creating new products and services  for the benefit of customers. Southern Company has been named by the U.S.  Department of Defense and G.I. Jobs magazine as a top military employer, listed  by Black Enterprise magazine as one of the 40 Best Companies for Diversity and  designated a 2014 Top Employer for Hispanics by Hispanic Network. The company  earned the 2014 National Award of Nuclear Science and History from the National  Atomic Museum Foundation for its leadership and commitment to nuclear  development, and is consistently ranked among the top utilities in Fortune's  annual World’s Most Admired Electric and Gas Utility rankings. Visit our  website at www.southerncompany.com.

About AGL Resources
  AGL  Resources (NYSE: GAS) is an Atlanta-based energy services holding company which  owns and operates natural gas utilities, as well as retail energy and services,  wholesale services and midstream businesses. AGL Resources serves approximately  4.5 million utility customers through its regulated distribution subsidiaries  in seven states. The company also serves more than one million retail customers  through its SouthStar Energy Services joint venture and Pivotal Home Solutions,  which market natural gas and related home services. Other non-utility  businesses include asset management for natural gas wholesale customers through  Sequent Energy Management and ownership and operation of natural gas storage  facilities. AGL Resources is a member of the S&P 500 Index. For more  information, visit www.aglresources.com.

Cautionary  Statements Regarding Forward-Looking Information

 

This  release contains forward-looking statements which are made pursuant to safe  harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include statements, among other things,  concerning the expected timing of the completion of the proposed merger and the  expected benefits thereof. These forward-looking statements are often  characterized by the use of words such as "expect,"  "anticipate," "plan," "believe," "may,"  "should," "will," "could," "continue"  and the negative or plural of these words and other comparable terminology.  Although Southern Company and AGL Resources believe that the expectations  reflected in such forward-looking statements are reasonable, such statements  involve risks and uncertainties and undue reliance should not be placed on such  statements. Certain material factors or assumptions are applied in making  forward-looking statements, including, but not limited to, factors and  assumptions regarding the items outlined above. Actual results may differ  materially from those expressed or implied in such statements. Important  factors that could cause actual results to differ materially from these  expectations include, among other things, the following: the risk that a  condition to closing of the merger may not be satisfied; the possibility that  the anticipated benefits from the transaction cannot be fully realized or may  take longer to realize than expected; the possibility that costs related to the  integration of Southern Company and AGL Resources will be greater than  expected; the credit ratings of the combined company or its subsidiaries may be  different from what the parties expect; the ability to retain and hire key  personnel and maintain relationships with customers, suppliers or other  business partners; the diversion of management time on transaction-related  issues; the impact of legislative, regulatory and competitive changes; and  other risk factors relating to the energy industry, as detailed from time to  time in each of Southern Company's and AGL Resources' reports filed with the  Securities and Exchange Commission. There can be no assurance that the  transaction will in fact be consummated.

 Additional  information about these factors and about the material factors or assumptions  underlying such forward-looking statements may be found in the body of this  release, as well as under Item 1.A in each of Southern Company's and AGL  Resources' Annual Reports on Form 10-K for the fiscal year ended December  31, 2015 and subsequent filings. Southern Company and AGL Resources caution  that the foregoing list of important factors that may affect future results is  not exhaustive. When relying on forward-looking statements to make decisions  with respect to Southern Company and AGL Resources, investors and others should  carefully consider the foregoing factors and other uncertainties and potential  events. All subsequent written and oral forward-looking statements concerning  the transaction or other matters attributable to Southern Company or AGL  Resources or any other person acting on their behalf are expressly qualified in  their entirety by the cautionary statements referenced above. The  forward-looking statements contained herein speak only as of the date of this  release. Neither Southern Company nor AGL Resources undertakes any obligation  to update or revise any forward-looking statement, except as may be required by  law.

 

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