Jason Zibarras, Hugh Au on Enhancing Corning Energy’s Access to Long-Term Capital and Growth

CorpGov

Wed, Apr 2, 2025, 8:49 AM 7 min read

By CorpGov Editorial Staff

Local, oregon last-mile, vigor organisation infrastructure is indispensable for American consumers, providing entree to reliable and affordable energy, peculiarly for heating and cooking. It besides underpins America’s broader vigor strategy, supporting economical stableness done consistent, harmless work astatine affordable cost.

Strategic superior marketplace investments successful pipelines and organisation networks that comprise indispensable vigor infrastructure assistance hole the strategy for a much resilient and much businesslike future.

We sat down with Jason Zibarras and Hugh Au, a Director of Corning Energy, to sermon these topics further.

CorpGov : Would you delight picture Corning Energy Corporation?

Jason Zibarras : Corning Energy Corporation is simply a inferior holding institution with 3 operating subsidiaries:

• Corning Natural Gas Corporation – a earthy state organisation inferior serving astir 15,000 customers successful and astir the Corning, New York area. Corning Gas is regulated by the New York State Public Service Commission.

• Pike County Light & Power Company – an electrical and earthy state organisation inferior with 5,300 electrical customers and 1,400 state customers successful Pike County, Pennsylvania. Pike is regulated by the Pennsylvania Public Utility Commission (“PAPUC”).

• Leatherstocking Gas Company (“Leatherstocking”) – a state organisation inferior serving Susquehanna and Bradford Counties, Pennsylvania. Leatherstocking is the archetypal caller state organisation inferior successful PA successful implicit 40 years. Leatherstocking is besides regulated by the PAPUC.

CorpGov : What is the inheritance of Argo’s concern successful Corning?

Jason Zibarras : Argo’s strategy is to put successful high-quality infrastructure businesses and assets that supply indispensable services to their communities and execute sustainable concern returns implicit their agelong operational lives. In enactment with this, Argo’s involvement successful Corning was based connected its coagulated fundamentals. Corning is an charismatic concern owed to its high-quality plus base, beardown absorption team, favorable lawsuit demographics and way grounds successful delivering precocious levels of lawsuit service, information and reliability. However, Corning, owed to its reliance connected short-term indebtedness financing was facing liquidity constraints astatine the clip of our archetypal investment.

Argo closed its acquisition of Corning successful July 2022; the transaction was valued astatine astir $143 million. Argo’s strategical concern provided semipermanent superior to Corning’s 3 inferior subsidiaries needed for accrued concern successful captious inferior infrastructure, specified arsenic pipeline replacement, improving electrical grid resiliency and continuing to conscionable lawsuit work goals and safety.