Washington Gas gets payout

Washington Gas, a DC-based utility criticised by rating agency Moody’s in September because its weather risk programme only covered 50% of its warm weather exposure, has received a $14.8 million payout from its weather insurance policy.

The payment is the first received by the company under its insurance programme. James de Graffenreidt, chairman and chief executive of Washington Gas, says: “The policy is working the way we intended by reducing shareholders’ exposure to lost earnings from war

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