SURREY, BC, July 28, 2014 /CNW/ - FortisBC Energy Inc. ("FortisBC") announced today that it has selected
Bechtel Canada Co. ("Bechtel") as the contractor for its Tilbury LNG
Facility Expansion Project in Delta, B.C. (the "Project").
The selection of Bechtel took place after a competitive procurement
process. Bechtel brings global experience in the development of LNG
facilities to the Project. Project construction is expected to employ
150 skilled workers over two years and provide an estimated $4 million
per year in taxes to various levels of government over time.
To meet increased market demand for LNG, FortisBC is currently
undertaking a $400-million expansion of its Tilbury LNG facility, in
operation since 1971, which will add approximately 1.1 million
gigajoules of LNG storage as well as approximately 34,000 gigajoules of
liquefaction capacity per day.
As the operator of the only two LNG facilities on the west coast - the
Mt. Hayes facility near Ladysmith since 2011 and the Tilbury Island LNG
facility in Delta since 1971 - this expansion will better equip
FortisBC to meet the growing LNG demands of B.C.'s transportation
sector, remote communities, industrial customers and the marketplace.
Project construction is scheduled to begin in September, 2014 and is
estimated to be completed in 2016.
FortisBC Energy Inc. is a regulated utility focused on providing safe
and reliable energy, including natural gas and propane. FortisBC Energy
Inc. employs almost 1,800 British Columbians and serves approximately
945,000 customers in 125 B.C. communities. FortisBC Energy Inc. is
indirectly wholly owned by Fortis Inc., the largest investor-owned
distribution utility in Canada. FortisBC Energy Inc. owns and operates
approximately 46,000 kilometres of natural gas transmission and
distribution pipelines. 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.
FortisBC Energy Inc. may include forward-looking statements in this
media 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," "contemplate" and similar
expressions have been used to identify the forward-looking statements.
The forward looking statements in this media release include, but are
not limited to, statements regarding: increased supply of LNG; job
creation; taxes and the size of the investment in Tilbury Facility.
These statements reflect management's current beliefs and are based on
information currently available to the Company's management. Certain
material factors or assumptions have been applied in drawing the
conclusions contained in the forward-looking statements, which include
but are not limited to receipt of applicable regulatory approvals and
requested rate orders; absence of equipment breakdown, absence of
environmental damage and health and safety issues, absence of adverse
weather decisions and natural disasters, no significant operational
disruptions or environmental liability as a result of a catastrophic
event or environmental upset ability to obtain and maintain applicable
permits, the adequacy of the corporation's existing insurance
arrangements, the First Nations settlement process does not adversely
affect the corporation, the ability to maintain and renew collective
bargaining agreements on acceptable terms, the ability to arrange
sufficient and cost effective financing, no material adverse ratings
actions by credit rating agencies, the competitiveness of natural gas
pricing when compared with alternate sources of energy; continued
population growth and new housing starts; the availability of natural
gas supply; access to capital; interest rates and the ability to hedge
certain risks. These factors or assumptions are subject to inherent
risks and uncertainties surrounding future expectations generally that
could cause actual results to differ materially from historical results
or results anticipated by the forward-looking statements. Such risk
factors include, but are not limited to, regulatory approval and rate
orders risk; operational disruptions and environmental risk; price
competitiveness risk; changes in economic conditions; natural gas
supply risks; capital and credit ratings risk, interest rate risk and
counterparty credit risk. 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 the Company's Management
Discussion & Analysis.
For further information:
Corporate Communications Advisor