UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

Form 8-K

CURRENT REPORT

 

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) May 30, 2018

 

 

Commission File Number		Exact name of registrant as specified in its charter and principal office address and telephone number		State of Incorporation		I.R.S. Employer Identification No.
001-37976		Southwest Gas Holdings, Inc.		California		81-3881866
		5241 Spring Mountain Road
		Post Office Box 98510
		Las Vegas, Nevada  89193-8510
		(702) 876-7237
1-7850		Southwest Gas Corporation		California		88-0085720
		5241 Spring Mountain Road
		Post Office Box 98510
		Las Vegas, Nevada  89193-8510
		(702) 876-7237

 

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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ___

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

Item 8.01 Other Events.

On May 31, 2018, Southwest Gas Holdings, Inc. issued a press release regarding Southwest Gas Corporation’s Nevada general rate case filing with the Public Utilities Commission of Nevada (“Commission”) and the Commission’s approval of Southwest Gas Corporation’s proposal to extend natural gas service to Mesquite, Nevada. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

 

 

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.

 

 

 

 

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.

 

 

 

EXHIBIT INDEX

 

 

For Immediate Release

May 31, 2018

Southwest Gas Holdings, Inc. Announces

Filing of Nevada General Rate Case and

Approval of Mesquite Expansion

LAS VEGAS – Southwest Gas Holdings, Inc. (NYSE: SWX) today announced that Southwest Gas Corporation (“Southwest”) filed a general rate case with the Public Utilities Commission of Nevada (“Commission”), Docket No. 18-05031.  The case requests a statewide overall general rate increase of approximately $32.5 million, which reflects any reduced tax liability associated with the Tax Cuts and Jobs Act of 2017.  Southwest Gas Holdings, Inc. also announced that the Commission voted to approve an order granting Southwest’s proposal to extend natural gas service to Mesquite, Nevada pursuant to Nevada legislation (Senate Bill 151).  The Commission’s order approves a capital investment of approximately $28 million.  Below are summary details of both regulatory initiatives.

Southwest’s general rate case filing includes the following proposals:

·	$14.4 million increase in revenues or approximately 3.8% in southern Nevada and 1.9% in northern Nevada (excluding gas infrastructure replacement (“GIR”) mechanism related projects), which reflects changes in Southwest’s cost of service since the last general rate case.

·	$18.1 million increase in revenues or approximately 5.2% in southern Nevada and 1.1% in northern Nevada associated with adding previously approved GIR related projects to rate base.

·	Increase in depreciation rates by approximately $3.8 million.

·	Increase in rate base of $283 million for southern Nevada and $26 million for northern Nevada.  Of the combined $309 million increase in rate base, $163.6 million is related to adding GIR related projects to rate base.

·	Return on common equity of 10.3% relative to a 49.3% common equity capitalization ratio.

·	Implementation of a pension tracker designed to track and adjust rates to reflect changes in pension expense between rate cases.

·	Adjustment to the existing GIR rate as part of the rate case in lieu of filing a separate GIR rate application later this year.  If approved, this adjustment is estimated to result in incremental surcharge revenue of $6.5 million for southern Nevada and $136,000 for northern Nevada.

·	No changes in Southwest’s rate design or basic service charge and continuing the general revenues adjustment mechanism (full revenue decoupling).

Southwest expects a final decision and new rates to become effective no later than January 1, 2019, as the Commission has 210 days to issue an order.

The Commission’s order approving Southwest’s expansion to serve Mesquite, Nevada includes the following findings:

·	Approved capital investment of approximately $28 million.

·	Approved construction of approximately 17 miles of approach main and an additional 20 miles of distribution pipeline.

·	The Senate Bill 151 Rate will be designed to recover 98.5% of the related revenue requirement from existing southern Nevada customers and 1.5% from customers in Mesquite.

·	Southwest’s service territory will be expanded to include the City of Mesquite and the portions of Lincoln County, Nevada that are necessary for the installation of the approach main.

·	Approved virtual pipeline proposal, which consists of constructing a portion of the distribution system and serving certain customers using compressed natural gas until the approach main and permanent gas supply is available.

·	Anticipate being able to provide natural gas service to certain customers in Mesquite using virtual pipeline as early as the first half of 2019.

Southwest Gas Holdings, Inc. has two business segments:

Southwest provides natural gas service to over 2 million customers in Arizona, California, and Nevada.

Centuri Construction Group, Inc. is a comprehensive construction services enterprise dedicated to meeting the growing demands of North American utilities, energy, and industrial markets.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems and developing industrial construction solutions.

Forward-Looking Statements:  This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the “Company”) and the Company’s expectations, hopes or intentions regarding the future.  These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", “propose”, "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future.  In addition, the statements under the heading “2018 Nevada General Rate Case” that are not historic, constitute forward-looking statements.  A number of important

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For Shareholders information, contact:	For media information, contact:
Ken Kenny	Sonya Headen
(702) 876-7237	(702) 364-3411
ken.kenny@swgas.com	sonya.headen@swgas.com