We reached a very exciting milestone this month with the completion of our first phase of construction in the Kennebec Valley with 68 miles of steel pipeline in the ground. For Summit, this is just the first phase of our expansion into Maine and we are days away from breaking ground in the Cumberland, Falmouth and Yarmouth communities. Now is the time to build on the momentum we are experiencing in all three of our operating utilities. However, I’d like to also take a moment to recognize the important achievements we’ve already accomplished in 2014.
Summit Utilities
· The ERP project is set to kick off to establish a new technology system that will improve our operational and financial performance. The ERP system implementation will last approximately 18 months but will bring benefit to all divisions of the company.
Colorado Natural Gas
· Construction remains on track and under budget at CNG, including the system replacement of Kit Carson, Sheridan Lakes and Eads. New service line construction will be starting in May.
Summit Natural Gas of Missouri
· Lake of Ozarks construction has largely been completed and the conversions remain strong. Large commercial accounts including Lodge of the Four Seasons and Tan-Tar-A are both in service.
· The Missouri Rate Case was filed on January 2nd.
Summit Natural Gas of Maine
· We have successfully completed the 68-mile steel backbone transmission pipeline and have accomplished many other significant milestones.
· The largest anchor customers in Maine are now in service and creating value for the company, including UPM Madison, Huhtamaki, the City of Augusta and Inland Hospital. Sappi Fine Paper is on schedule to start receiving gas in June.
· This month we break ground in the towns of Cumberland, Falmouth and Yarmouth with an additional 66 miles of pipeline.
· To date we have signed up over 2500 new customers in both the Kennebec Valley and in the towns of Cumberland, Falmouth and Yarmouth representing over $10 million in annualized revenue.
While all of this represents enormous accomplishments, we have to stay heavily focused on our current operations and aggressive growth plans. We have a year of exceptional challenges ahead of us, so we need to execute 2014 flawlessly and continue to drive our business forward. With the team in place, I have no doubt we will.
Best,
Mike Earnest
THE QUARTER IN REVIEW
BY MIKE EARNEST