LETTER NO. L‐60‐09 SIXTH FLOOR, 900 HOWE STREET, BOX 250 ERICA M. HAMILTON VANCOUVER, B.C. CANADA V6Z 2N3 COMMISSION SECRETARY TELEPHONE: (604) 660‐4700 Commission.Secretary@bcuc.com BC TOLL FREE: 1‐800‐663‐1385 web site: http://www.bcuc.com FACSIMILE: (604) 660‐1102 Log No. 30418 VIA E‐MAIL steve.yallouz@altagas.ca leesa.savage@altagas.ca August 27, 2009 Steve Yallouz Vice President AltaGas Energy Limited Partnership 1700, 355 – 4 th Avenue. S.W. Calgary, Alberta T2P 0J1 Dear Mr. Yallouz: Re: AltaGas Energy Limited Partnership (“AltaGas”) Application for a Licence to Market Natural Gas – Financial Statements The Rules for Gas Marketers requires that the Application for a Licence to Market Natural Gas (“Application”) must be submitted to the Commission at least 60 days prior to the date that the Gas Marketer Licence (“Licence”) is required. The Commission is in receipt of AltaGas’ Application dated August 20, 2009. The Application and the Letter of Credit were received at the Commission office on August 21, 2009. The Commission notes that AltaGas’ Licence number A‐15‐08 expired on August 22, 2009. Consequently, AltaGas is currently operating without a Licence and it should conduct its business operations accordingly. Condition 2.4 of Licence A‐15‐08 notes: “AltaGas will maintain a Working Capital position of at least $50,000 and a Current Ratio of Current Assets to Current Liabilities of at least 1.10.” …/2
2 The Commission requests that AltaGas provide the following information: 1. Please provide a report detailing the Working Capital and Current Ratio on a stand‐alone basis for AltaGas Energy Limited Partnership on a month‐to‐month basis from January 2007 to present. 2. The Chief Financial Officer must confirm that the financial information contained in the report has been prepared by management in accordance with accounting principles generally accepted in Canada and within the framework of the company’s significant accounting policies. 3. If the report demonstrates that AltaGas has not been in compliance with condition 2.4 of the Licence, please indicate what action(s) the Commission should take as appropriate penalty or remedy to the non‐compliance. Please provide this information to the Commission on or before September 3, 2009. Yours truly, Erica M. Hamilton Orders/L‐60‐09_AltaGas Financials_IR
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