SURREY, BC, Dec. 12 /CNW/ - Terasen Gas is asking the BC Utilities
Commission (BCUC) for increases in rates for its propane service areas, which
include Whistler and Revelstoke. The increases are the result of rising
propane commodity prices.
"While natural gas prices have been relatively stable over the past year,
propane prices have been following the steep rise in crude oil. Our hedging
and gas storage strategies are helping shield propane customers from the full
impact of rising costs," said Jan Marston, Vice President, Gas Supply and
Transmission. "Terasen Gas propane commodity costs are passed on without mark
If approved, Whistler residential customers will see an increase in
annual charges of approximately 13 per cent or $241 and Revelstoke residential
customers will see an increase in annual charges of approximately 15 per cent
or $234, depending on consumption.
Propane is a commodity traded on the open market like oil, coffee or
lumber. Factors affecting the price of propane include weather, supply and
demand and the price of other energy commodities.
Any change in Terasen Gas rates must be approved by the BCUC. The
application asks to have the increases take effect January 1, 2008.
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 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