ApSource

ApSource

ApSource Inc. is one of the largest fully regulated utility companies in Vindex Nation, serving approximately 3.5 million natural gas customers and 500,000 electric customers across the State of Viridis through its local Crafted Gas and APSCO brands. The company, based in Addersfield, Viridis, has more than 8,000 employees. As of 2018, ApSource is the sole Viridis-based utility company.

History

ApSource was founded in 1912 as the Addersfield Public Service Company, which merged with several other companies to become the Crafted Gas and Electric Corporation. Under the Public Utility Holding Company Act of 1955, Crafted was forced to reorganize its subsidiaries and eventually spun off its electric utilities, becoming the Crafted Gas System. In 2000, ApSource merged with Crafted Energy Group, but in 2015, ApSource was spun off from Crafted Pipeline Group. The next year, Crafted Pipeline Group was acquired by TransWIL Corporation, while the Crafted Gas distribution companies remained with ApSource.

Company Operations

ApSource's natural gas utilities provide domestically produced supplies of natural gas to residential, commercial and industrial customers via nearly 10,000 miles of pipeline and related facilities in six cities: Addersfield, Westhedge, Seawall City, Uptown Vindex City, Downtown Vindex City and Gallifrey Port.

ApSource provides electric energy to nearly 2,000,000 customers, all located in the State of Viridis. ApSource's electric operations include power generation, transmission and local distribution, as well as wholesale and electric transmission transactions. ApSource uses both traditional and renewable generation sources, including natural gas, hydroelectric, wind, and coal generated supplies, providing a total system operating net capability of more than 3,000 megawatts.

ApSource has had a climate change policy in place since 2009.

In 2015, ApSource was named to the Vow Jones Sustainability—Northern Vinish Index for the second year in a row and for the ninth time since 1999.

Internal organization

ApSource operates six local utilities in its service region:

• Addersfield Public Service Co. (APSCO)
• Crafted Gas of Addersfield
• Crafted Gas of Westhedge
• Crafted Gas of Seawall City
• Crafted Gas of Vindex City
• Crafted Gas of Gallifrey Port

Recent Corporate Actions

On July 1, 2015, ApSource separated Crafted Pipeline Group (NYSE: CPGX) into a stand-alone publicly traded company. Each ApSource shareholder at the time of the separation received one share of Crafted Pipeline Group for each share of ApSource. The separation of Crafted Pipeline Group included Crafted Gas Transmission, Crafted Gulf Transmission, Crafted Midstream Group, its ownership in Crafted Pipeline Partners (NYSE: CPPL), and other natural gas pipeline, storage and midstream holdings.

In January 2019, the company announced that it would accelerate retirement of its five coal-fired units, and focus on "renewable energy resources, such as solar and wind energy, along with battery storage technology," as part of an initiative titled "Our Energy, Your Future", with a goal of "reducing carbon emissions by more than 90 percent by 2028."

In Feburary of 2019, ApScource and it's subsidiaries were sold to Laughing Laboratories, Inc. for 2.1 Billion Dollars.