Pierre Despars, CFO of Valener Inc. (VNR.TO), Interviews with The Wall Street Transcript

Wall Street Transcript

67 WALL STREET, New York - May 7, 2013 - The Wall Street Transcript has just published its High-Yield Equity Securities Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Increasing Demand for Midstream Assets - U.S. Energy Infrastructure Build Out - Oil and Gas Transportation Infrastructure Demand - Master Limited Partnerships Distribution Growth - Low Treasury Yields and MLP Dividends -

Companies include: Valener Inc. (VNR.TO) and many more.

In the following excerpt from the High-Yield Equity Securities Report, the CFO of Valener Inc. (VNR.TO) discusses company strategy and the outlook for this vital industry:

TWST: Please start by telling us about the history of Valener.

Mr. Despars: Valener was created as part of Gaz Metro's reorganization of its public ownership structure in September 2010, in response to the tax rules that had been introduced by the federal government here in Canada, whereby publicly traded income trusts and partnerships such as Gaz Metro were to become taxable, so since that day, Valener is the public investment vehicle in Gaz Metro. Before the creation of Valener, it was the public that held 29% of the units of the limited partnership. Now Valener owns that 29%.

TWST: In terms of the relationship between Gaz Metro and Valener, do you have independent management, or is it shared management?

Mr. Despars: Valener has its own board and Valener has a proportion of representation on Gaz Metro's board. Three of the four board members that compose the board of Valener are also board members of Gaz Metro. Through a management agreement, Gaz Metro is the manager of Valener. I am the CFO of Gaz Metro, but also the CFO of Valener based on that management agreement.

TWST: Let's talk about operations. Valener is involved in both natural gas and also in the wind energy segment.

Mr. Despars: Gaz Metro has a significant investment in electric transmission and distribution, mainly with the acquisition of the two largest electric distribution companies in Vermont - Green Mountain Power and Central Vermont Public Service, CVPS - that we've combined.

So Valener has two investments, the biggest and the most important one is a 29% ownership of Gaz Metro. Gaz Metro is...

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

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