MERRIMACK, N.H., Aug. 28, 2007 (PRIME NEWSWIRE) -- Pennichuck Corporation (Nasdaq:PNNW) today announced that the New Hampshire Public Utilities Commission (the "NHPUC") has issued an Order approving temporary rate relief for its Pennichuck East Utilities, Inc. subsidiary ("Pennichuck East"). The Order provides for an annualized increase in Pennichuck East's revenues of approximately $501,000, or 11.99%, and approves a settlement agreement between Pennichuck East, the NHPUC staff, and the New Hampshire Office of the Consumer Advocate. The Order calls for the temporary rate increase to be effective for service rendered on and after May 29, 2007.
Pennichuck East initiated a rate relief proceeding in April 2007 at which time it requested an overall permanent increase in annual revenues in the amount of $864,000, or 20.92%. At that time, Pennichuck East requested a temporary annualized rate increase equal to $536,000, or 12.82%, pending the establishment of permanent rates. The temporary rate relief that has now been granted by the NHPUC does not necessarily reflect the ultimate outcome of the April 2007 request for permanent rate relief. Any difference between the temporary rate relief and the permanent rates ultimately approved by the NHPUC will be reconciled upon the approval of such permanent rates.
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and development of real estate in the greater Nashua, New Hampshire area.
Pennichuck Corporation's common stock trades on the Nasdaq Stock Exchange under the symbol "PNNW". The Company's website is at www.pennichuck.com.
This news release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Pennichuck Corporation. Forward-looking statements are based on current information and expectations available to management at the time the statements are made, and are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, timing and results of eminent domain proceedings before the New Hampshire Public Utilities Commission; the impact thereof on consolidated business operations; legislation and/or regulation and accounting factors affecting Pennichuck Corporation's financial condition and results of operations; and, the impact of weather. Investors are encouraged to access Pennichuck Corporation's annual and quarterly periodic reports filed with the Securities and Exchange Commission for financial and business information regarding Pennichuck Corporation, including a more detailed discussion of these and other risks and uncertainties that could affect Pennichuck Corporation's forward-looking statements.