UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
April 20, 2012
(Date of earliest event reported)
Corning Natural Gas Corporation
(Exact name of registrant as specified in its charter)
|
New York |
000-00643 |
16-0397420 |
||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
330 West William Street, Corning, New York |
14830 |
|
(Address of principal executive offices) |
(Zip Code) |
(607) 936-3755
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On April 20, 2012, Corning Natural Gas Corporation (the "Company") issued a press release. The Press release announced that the New York Public Service Commission has issued a final order in Corning's Rate Case. The Rate Order will increase Corning's revenues by $944,310 in rate year one, an additional $899,672 in rate year two and by an additional $323,591 in rate year three. The Company will also be allowed to keep $545,284/year local production revenue before a revenue sharing mechanism is implemented. This is $294,284 more than Corning is currently allowed to retain.
The new rates will be effective on May 1, 2012.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release of Corning Natural Gas Corporation, dated April 20, 2012.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Corning Natural Gas Corporation
By: /s/ Firouzeh Sarhangi
Name: Firouzeh Sarhangi
Title: Chief Financial Officer
Dated: April 24, 2012
NEWS RELEASE
CONTACT: Jerry Sleve
Vice President - Administration
Phone: (607) 936-3758 ext. 223
Fax: (607) 936-2844
Date: April 20, 2012
FOR IMMEDIATE RELEASE
New Rates Effective May 1, 2012 for Corning Natural Gas Customers
Corning, N.Y. (Monday, April 20, 2012) - Corning Natural Gas Corporation ("CNG") will initiate new rates for customers beginning May 1, 2012. The purpose of the rate increase is to fund the systematic improvement of our gas pipeline infrastructure. The Rate Order will require continuation of the bare steel main and bare steel service replacement program. This will increase the safety and reliability of the Corning Natural Gas system.
"There will also be improvements in service to our customers as a result of the latest Rate Order. In addition to the pipeline replacement program, a new low income program will be implemented and an expanded education and outreach program will provide more effective communications to our customers, said Jerry Sleve, Vice President of Corning Natural Gas." He added, "There will also be an upgrade to the billing/accounting software that will put in place more efficient and effective customer service procedures."
Mr. Sleve also stated, "If the recent trend of a decline in natural gas prices continues and with Corning Natural Gas' recent connection to Marcellus Shale gas in Pennsylvania, the increase in rates could be more than offset by the lower wholesale gas costs." Sleve added that, "We are customer satisfaction focused, safety and reliability driven and growth oriented where practical. These are what will continue to keep Corning Natural gas on the leading edge."
Corning Natural Gas Corporation, incorporated in 1904 as a New York State public utility continues to provide safe, reliable natural gas service to nearly 15,000 residential, commercial and industrial customers in the Southern Tier and Central regions of New York State. Learn more at www.corninggas.com
Safe Harbor Regarding Forward-Looking Statements
Some of the statements that we make in this press release, including statements about our confidence in the company's prospects and strategies are forward-looking statements within the meaning of section 21E of the Securities Exchange Act. Some of these forward-looking statements can be identified by words like "believe," "expect," "will," "should," "intend," "plan," or similar terms; others can be determined by context. Statements contained in this release that are not historical facts are forward-looking statements. These statements are necessarily estimates reflecting our best judgment based upon current information, and involve a number of risks and uncertainties. Many factors could affect the accuracy of these forward-looking statements, causing our actual results to differ significantly from those anticipated in these statements. You should not place undue reliance on our forward-looking statements, which reflect our analysis only as of the date of this report. The risks and uncertainties listed above and in documents that we file with the Securities and Exchange Commission (www.sec.gov), including our annual report on Form 10-K, quarterly reports on Form 10-Q, and any current reports on Form 8-K, must be carefully considered by any investor or potential investor in Corning.
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