Home Utilities: Gas and Electric WGL Holdings Inc WGL Holdings – History

WGL Holdings – History


WGL Holdings’ primary subsidiary is the Washington Gas Light Company.This group was originally incorporated by an Act of Congress in 1848, and has been engaged in the gas distribution business for over 150 years. It became a domestic corporation of the Commonwealth of Virginia in 1953 and a corporation of the District of Columbia four years later in 1957.

During 2000, Washington Gas merged its former wholly-owned gas distribution subsidiary, Shenandoah Gas Company into itself. In the same year, WGL Holdings, became the parent company of Washington Gas Light Company and other subsidiaries that operated under Washington Gas prior to this restructuring.

WGL Holdings announced in 2001 that it was scaling back its consumer finance business. The company decided to stop accepting loan applications as of the close of business in September 2001, and it limited its financing operations to the servicing of existing loans. Reduced staffing levels were retained to support these limited operations.

WGL Holdings announced that its principal subsidiary, Washington Gas Light Company, had received a payment of $14.8 million from a weather insurance policy purchased to reduce the impact of warm weather on financial results in 2002.

The company sold its interest in two buildings at Maritime Plaza, a commercial development project in Southeast Washington, District of Columbia in 2004.

In 2005, the company’s wholly-owned subsidiary Washington Gas Light Company announced that it intended to take repair gas services lines and gas mains that were leaking in the Prince George’s County of Maryland. Washington Gas Light Company outlined its estimated $87 million project for the upgrade of the gas service infrastructure of Prince George’s County in 2005. The company projected to complete the upgrades by 2007.

Milestone Capital Partners and John and Tim Kirlin acquired American Combustion Industries from WGL Holdings, in 2006. In August of the same year, Frederic M. Kline, Vice President and Chief Financial Officer of the company resigned from his position.

In July 2007, the company’s wholly owned subsidiary, Washington Gas Light reached a settlement agreement in its pending Virginia rate increase proceeding.