If approved, rates will remain stable for a two-year period, starting
January 1, 2010
SURREY, BC, June 30 /CNW/ - Terasen Gas (Vancouver Island) Inc. has filed
a two-year revenue requirement and rate design application with the British
Columbia Utilities Commission (BCUC). If the application is approved, rates
will remain unchanged for a two-year period, starting January 1, 2010, for
residential and commercial customers on Vancouver Island, the Sunshine Coast
and Powell River.
"Terasen Gas' reputation as a respected and trusted operator has been
solidified during the past four years under the current revenue requirement
agreement," said Randy Jespersen, President and CEO, Terasen Gas.
"Our application is grounded in our continued commitment to meet the
needs of the customers and communities we serve, while also addressing new
requirements from our various regulators and policy makers. It also supports
our efforts to develop affordable energy solutions that help customers reduce
their energy consumption, and advance the province's goals of reducing
greenhouse gas emissions," said Jespersen.
Terasen Gas has carefully managed operating costs under the current
agreement, benefiting customers while also successfully reducing the debt
incurred for bringing natural gas to Vancouver Island in the early 1990s.
If the application is approved, the company will build enhanced programs,
which will include the expansion of energy efficiency and conservation
initiatives, including programs for low-income and rental customers. The
company will also continue to pursue alternative energy solutions, such as
biogas, geothermal and district heating systems, and advance compressed and
liquefied natural gas as cleaner transportation fuel alternatives.
"It's been 18 years since we began natural gas service to Vancouver
Island, and Terasen Gas is still a relatively young utility in that service
region, compared to many other North American utilities that have had pipeline
assets serving customers for decades," said Scott Thomson, Vice President,
Regulatory Affairs and CFO, Terasen Gas.
"Our application today proposes a two-year rate freeze and increases rate
stability through 2012 and beyond," said Thomson.
The natural gas rate structure in this region is set to be competitively
priced against the cost of other energy sources including electricity and oil.
The rate structures for the company's different service regions around the
province reflect the age of the natural gas system and the capital costs, and
take into account the costs to serve customers.
To learn more about Terasen Gas rates, or to view the application
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 more than two million gas and electric customers and has total
assets approaching $12 billion. 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
For further information:
For further information: Media contact: Joyce Wagenaar, Director,
Corporate & Marketing Communications, Terasen Gas Inc., (604) 785-8946, Email: