SURREY, BC, Dec. 19 /CNW/ - The BC Utilities Commission (BCUC) approved
changes to Terasen Gas rates that will increase the annual propane bills of
Whistler and Revelstoke residential customers by about 13 and 15 per cent
respectively. The new rates take effect January 1, 2008.
For Whistler residential customers this works out to an annual increase
in commodity charges of about $241. Revelstoke residential customers can
expect an annual increase in commodity and delivery charges of about $234,
depending on consumption.
"Terasen Gas purchases propane on behalf of our customers and passes its
cost on without mark up." said Jan Marston, Vice President, Gas Supply and
Transmission. "We earn revenue on the delivery of propane and work hard to
reduce the impact of rising commodity costs through our purchasing and hedging
Propane is a commodity traded on the open market like oil, coffee and
lumber. Factors affecting the price of propane include weather, supply and
demand and the price of other energy commodities.
Propane prices have been following the steep rise in crude oil over the
past year. The increases are a result of these rising commodity prices.
Terasen Gas and the BCUC regularly review propane rates to ensure
customers receive piped propane service at fair and reasonable prices. Every
three months, we review our commodity cost - the price we pay to buy propane
on behalf of our customers. Once a year, we also review delivery costs - what
we charge to deliver propane to homes and businesses.
Terasen Gas is mainly composed of the operations of Terasen Gas Inc. and
Terasen Gas (Vancouver Island) Inc., both indirect wholly owned subsidiaries
of Fortis Inc. Fortis Inc., the largest investor-owned distribution utility in
Canada, serves almost two million gas and electric customers and has
$10 billion of assets. Its regulated holdings include Terasen Gas and electric
utilities in five Canadian provinces and three Caribbean countries. Fortis
Inc. owns non-regulated hydroelectric generation assets across Canada and in
Belize and upper New York State. It also owns hotels and commercial real
estate in Canada. 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 http://www.sedar.com/.
Terasen Gas may include forward-looking statements in this release which
reflect management's expectations regarding the Company's future growth,
results of operations, performance, business prospects and opportunities.
Wherever possible, words such as "anticipate", "believe", "expects", "intend"
and similar expressions have been used to identify the forward-looking
statements. These statements reflect management's current beliefs and are
based on information currently available to the Company's management. By their
very nature, forward-looking statements are based on underlying factors or
assumptions which are subject to inherent risks and uncertainties surrounding
future expectations generally. Such risk factors or assumptions include, but
are not limited to, general economic, market and business conditions,
regulatory developments, gas distribution operating risks, natural gas prices
and supply, weather and competition. Terasen Gas cautions readers that a
number of factors could cause actual results, performance or achievements to
differ materially from the results discussed or implied in the forward-looking
statements. These factors should be considered carefully and undue reliance
should not be placed on the forward-looking statements. For additional
information with respect to certain of these risks or factors, reference
should be made to Terasen Gas's continuous disclosure materials filed from
time to time with Canadian Securities Regulatory Authorities. Terasen Gas
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
For further information:
For further information: Media contact: Joyce Wagenaar, Corporate
Communications Manager, Phone: (604) 592-7682, E-mail:
firstname.lastname@example.org; Scott Thomson, Vice President, Regulatory
Affairs & Chief Financial Officer, Terasen Inc. and Terasen Gas, Phone: (604)
592-7784, E-mail: email@example.com