“Joining the Fortis family will provide UNS Energy with new financial strength, helping us maintain safe, reliable and affordable service for our utility customers as we address the capital-intensive challenges facing our industry,” said Paul Boniva, UNS Energy’s CEO.
The sale is contingent on the approval of UNS shareholders, the Arizona Corporation Commission and the Federal Energy Regulatory Commission.
Both TEP and UniSource will remain headquartered in Tucson, Boniva said.
“Rates won’t go up,” he said. “And there won’t be any layoffs.”