Nicor Inc.
Form 8-K
Exhibit 99.1
| FOR IMMEDIATE RELEASE | FOR MORE INFORMATION |
| March 29, 2006 | Financial Contact: Mark Knox, re: N-957 630 388-2529 |
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| | Media Contact: Annette Martinez 630 388-2781 |
ILLINOIS COMMERCE COMMISSION ISSUES REHEARING DECISION IN NICOR GAS RATE CASE
Naperville, IL - Nicor Inc. (NYSE: GAS) today announced that the Illinois Commerce Commission (ICC) issued its decision on rehearing in the rate case of the company’s gas distribution company, Nicor Gas.
As a result of the ICC’s rehearing decision, the annual base rate revenue increase granted to Nicor Gas was adjusted to approximately $49.7 million, compared to the $54.2 million allowed under the ICC’s prior order in the rate case. Because the ICC’s orders shifted certain revenues and credits between base rates and the purchase gas adjustment rider, the company estimates that the actual annual net revenue increase will be about $30.2 million, compared to $34.7 million under the prior order. Rate changes as a result of the rehearing order will be prospective. Certain parties, including Nicor Gas, have appealed the ICC’s rate case decision to the state appellate courts.
Nicor Inc. (NYSE: GAS) is a holding company and is a member of the Standard & Poor’s 500 Index. Its principal businesses are Nicor Gas, one of the nation’s largest natural gas distribution companies, and Tropical Shipping, a containerized shipping business serving the Caribbean region and the Bahamas. Nicor also owns and has an equity interest in several energy-related businesses. For more information, visit the Nicor Web site at www.nicor.com.
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Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements about the expectations of Nicor and its subsidiaries and affiliates. Although Nicor believes these statements are based on reasonable assumptions, actual results may vary materially from stated expectations. Such forward-looking statements may be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “expect,” “intend,” “may,” “planned,” “potential,” “should,” “will,” “would,” “project,” “estimate,” “ultimate”, or similar phrases. Actual results may differ materially from those indicated in the company’s forward-looking statements due to the direct or indirect effects of legal contingencies (including litigation) and the resolution of those issues, including the effects of an Illinois Commerce Commission (ICC) review and U.S. Securities and Exchange Commission (SEC) and U.S. Attorney inquiries, and undue reliance should not be placed on such statements.
Other factors that could cause materially different results include, but are not limited to, weather conditions; natural disasters; natural gas and other fuel prices; fair value accounting adjustments; inventory valuation; health care costs; insurance costs or recoveries; legal costs; borrowing needs; interest rates; credit conditions; economic and market conditions; tourism and construction in the Bahamas and Caribbean region; energy conservation; legislative and regulatory actions; tax rulings or audit results; asset sales; significant unplanned capital needs; future mercury-related charges or credits; changes in accounting principles, interpretations, methods, judgments or estimates; performance of major suppliers and contractors; labor relations; and acts of terrorism.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this filing. Nicor undertakes no obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this filing.
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