SoCalGas Statement on Settlement Agreement with District Attorney for Los Angeles County Related to Aliso Canyon
OREANDA-NEWS. September 14, 2016. Earlier today, Southern California Gas Co.(SoCalGas) entered into a settlement agreement with the District Attorney's Office for Los Angeles County related to operations at the Aliso Canyon natural gas storage facility. Under the terms of the agreement, SoCalGas will plead no contest to one count in the Complaint, a misdemeanor violation of Health and Safety Code Section 25510(a) for failing to timely report the natural gas leak to the California Office of Emergency Services and the Los Angeles County Fire Department from October 23-26, 2015. The remaining counts will be dismissed upon performance of the agreement. Under the terms of the settlement agreement, SoCalGas will pay up to approximately \\$4.3 million. In response to today's agreement, SoCalGas issued the following statement:
"SoCalGas is committed to working with its regulators to address issues with respect to the Aliso Canyon facility. Today's agreement, which provides for the implementation of certain approved operational enhancements, including updated notification, monitoring, and training procedures, is another important step in our efforts to put the leak behind us and to win back the trust of the community. These are in addition to other enhancements that have already been instituted by the company.
"Aliso Canyon is critical to the reliability of natural gas and electricity services in Southern California. We are diligently working with state officials to complete a comprehensive safety review of the facility and are committed to providing safe and reliable energy to the millions of Californians who rely on us each day."
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-ofcharge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.