TriSummit Utilities Inc. Announces Closing of the Acquisition of Alaska Utilities Business and Related Notes Financing

Calgary, Alberta--(Newsfile Corp. - March 1, 2023) - TriSummit Utilities Inc. ("TriSummit" or "TSU") is pleased to announce today that it has successfully closed its acquisition (the "Transaction") of the Alaska gas distribution, transmission, and storage assets of SEMCO Energy, Inc., a subsidiary of AltaGas Ltd. (TSX: ALA) for approximately C$1.1 billion (US$800 million). The Transaction enhances TriSummit's position as a growing North American utility and renewable energy company, increasing TriSummit's scale and providing greater geographical and business diversification. TSU's wholly owned indirect United States subsidiary Alaska Utility Holdings Inc. ("AUHI") also successfully closed its aggregate US$165 million senior unsecured notes offerings, the net proceeds of which were used to partially finance the Transaction.

The Transaction includes 100 percent ownership of ENSTAR Natural Gas Company ("ENSTAR"), Alaska Pipeline Company, and Norstar Pipeline Company, Inc., as well as a 65 percent indirect interest in Cook Inlet Natural Gas Storage Alaska, LLC ("CINGSA").

ENSTAR is the largest gas utility in the state of Alaska, servicing approximately 60 percent of the State's population, with 3,626 miles of transmission and distribution pipeline. CINGSA, located in Kenai, is the only commercial, fully contracted, state-regulated gas storage facility in Alaska. Combined, ENSTAR and CINGSA had a 2022 average rate base of approximately US$350 million.

About TriSummit Utilities

TSU is a North American company with rate-regulated distribution transmission and storage utility businesses and renewable power generation assets. TSU serves approximately 284,000 customers across Canada and the United States, delivering lower carbon energy, safely and reliably.

For more information visit: www.trisummit.ca.

Media Information:

TriSummit Utilities Inc.
825-995-8243
communications@trisummit.ca

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction outside Canada. This news release does not constitute or form a part of any offer to buy or sell any securities in the United States or any other jurisdiction outside of Canada. This news release is not an offer of securities of AUHI for sale in the United States. The offer and sale of the notes referred to above have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and such notes may not be reoffered or resold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made in the United States.

Forward Looking Information

This news release contains forward-looking statements. When used in this news release, the words "may", "can", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "expect", "project", "opportunity" and similar expressions, as they relate to TriSummit or an affiliate of TriSummit, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the expected benefits of the Transaction, and the impact of the Transaction in respect of TSU's business (including, without limitation, in respect of rate base and other characteristics) and on TSU's strategic plans. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect TriSummit's current views with respect to future events based on certain material factors and assumptions. TriSummit believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to certain risks and uncertainties, many of which are beyond TSU's control, including without limitation, currency, exchange, and interest rates; timing and results of planned capital projects; the success of the transition in ownership; changes in market conditions; competition; governmental or regulatory developments; general economic conditions, and other factors set out in TriSummit's public disclosure documents. Many factors could cause TriSummit's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. TriSummit does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Rate base is an amount that a utility is required to calculate for regulatory purposes, and generally refers to net book value of the utility's assets for regulatory purposes. TSU refers to rate base of its utility business because it believes that such term assist in understanding TSU's business and is commonly used by investors and research analysts to help evaluate the performance of rate-regulated utilities.

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