KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2006) - FortisBC Inc. (TSX:FTS) announced today it has received approval from the British Columbia Utilities Commission (the "BCUC") for its $111.7 million 2006 capital plan, with approximately $27 million in projects subject to a further approval process. The projects subject to further review are primarily related to transmission and substation work.
"The BCUC approval of the 2006 capital plan will allow FortisBC to continue to upgrade its aged electrical infrastructure and keep pace with customer growth," noted John Walker, President & CEO, FortisBC Inc.
A majority of the capital plan expenditures are part of FortisBC's long-term System Development Plan ("SDP"), originally filed with the BCUC in 2005, with the most significant areas of investment being the expansion and upgrading of the transmission and distribution system in the South Okanagan and Kelowna areas. Generation expenditures will include continued upgrades and life extension work on the Company's hydroelectric generation facilities on the Kootenay River.
FortisBC is an integrated utility operating in the southern interior of British Columbia, serving over 150,000 customers directly and indirectly. The utility has four hydroelectric generating plants with a combined capacity of 235 megawatts and over 6,400 kilometers of transmission and distribution power lines. FortisBC employs over 500 people in British Columbia and is an indirect wholly owned subsidiary of Fortis Inc. - primarily a diversified, international electric utility holding company based in St. John's, Newfoundland, with assets exceeding $4.1 billion and annual revenues of over $1.2 billion. The Common Shares, Series C First Preference Shares and Series E First Preference Shares of Fortis Inc. are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C and FTS.PR.E, respectively. Fortis Inc. information can be accessed at www.fortisinc.com.
FortisBC may include forward-looking statements in this release. By their very nature, forward-looking statements are based on underlying assumptions and are subject to inherent risks and uncertainties surrounding future expectations generally. Such events include, but are not limited to, general economic, market and business conditions, regulatory developments, weather and competition. FortisBC cautions readers that should certain events or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected.
For additional information with respect to certain of these risks or factors, reference should be made to FortisBC's continuous disclosure materials filed from time to time with Canadian Securities Regulatory Authorities. FortisBC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Manager, Corporate Communications