Rates maintained in Revelstoke, Whistler and Vancouver Island
SURREY, BC, Sept. 13, 2011 /CNW/ - FortisBC has now received approval
from the British Columbia Utilities Commission (BCUC) to decrease the
natural gas commodity rates it charges customers in the Lower Mainland,
Fraser Valley, Interior, North, the Kootenays, and Fort Nelson. The
decreases will take effect October 1, 2011. Commodity rates will be
maintained in Revelstoke, Whistler and Vancouver Island.
"The North American natural gas markets have continued to weaken over
the last quarter due to decreased demand and increased supply, which
have dampened expectations for natural gas prices. As a result, we are
able to offer the majority of our customers some of the lowest rates in
years," said Cynthia Des Brisay, vice president, energy supply and
resource development, FortisBC. "B.C. also contributes to this
abundance of North American gas supply. Not only does this natural gas
play an important role in the province's economy, but it will help meet
the future energy needs of British Columbians. In fact, about 22 per
cent of the total energy consumed in B.C. is from natural gas."
Factors affecting the market price of natural gas include weather,
supply and demand, and economic conditions. FortisBC buys natural gas
on behalf of customers at the best possible price and passes that price
on without mark-up.
Residential customers in the Lower Mainland, Fraser Valley, Interior,
North and the Kootenays will see a commodity rate decrease of $0.56 per
gigajoule, or approximately $53 on their total annual bill depending on
consumption. Commodity rates for customers participating in the
Customer Choice program will not be affected, as they purchase the gas
commodity from a licensed gas marketer.
Residential customers in Fort Nelson will see a commodity rate decrease
of $0.62 per gigajoule, or approximately $87 on their total annual
bill, depending on consumption.
Every three months, FortisBC reviews natural gas commodity rates with
the BCUC in order to ensure rates passed on to customers cover the cost
of purchasing the gas on their behalf. FortisBC does not earn a profit
on the price of the natural gas commodity. The company's earnings come
from natural gas delivery charges - what the company charges to deliver
natural gas to customers. Natural gas delivery rates and midstream
rates are also reviewed by the BCUC.
For more information on natural gas rates by region, how commodity rates
are set, and to learn more about FortisBC, visit www.fortisbc.com/rates.
FortisBC is an integrated energy solutions provider focused on providing
safe and reliable energy, including natural gas, electricity, propane
and alternative energy solutions, at the lowest reasonable cost.
FortisBC employs more than 2,000 British Columbians and serves
approximately 1.1 million customers in more than 135 B.C. communities.
FortisBC is indirectly wholly owned by Fortis Inc., the largest
investor-owned distribution utility in Canada. FortisBC owns and
operates four regulated hydroelectric generating plants, approximately
7,000 kilometres of transmission and distribution power lines and
approximately 46,000 kilometres of natural gas transmission and
distribution pipelines. FortisBC Inc., FortisBC Energy Inc., FortisBC
Energy (Vancouver Island) Inc., and FortisBC Energy (Whistler) Inc. do
business as FortisBC. Fortis Inc. shares are listed on the Toronto
Stock Exchange and trade under the symbol FTS. Additional information
can be accessed at www.fortisinc.com or www.sedar.com.
SOURCE FortisBC Inc.
For further information:
Corporate Communications Manager