KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Nov. 27, 2006) - FortisBC Inc. (TSX:FTS) announced today that the British Columbia Utilities Commission (BCUC) has approved its 2007-2008 capital plan. The Company received approval to spend approximately $128.6 million in 2007 and $111.6 million in 2008, with certain projects subject to additional regulatory processes.
The most significant areas of expenditure are those required to expand and upgrade the transmission and distribution system to keep pace with load growth and to continue the ongoing program of life extension of FortisBC's hydroelectric generating plants.
"Approval of the two year capital plan will allow us to improve the efficiency of our planning and project management processes," noted John Walker, President & CEO, FortisBC. "The capital plan is part of our 20-year system development plan. It was filed with the BCUC in 2004 and was extensively reviewed through the regulatory process, which included an oral public hearing.
"We look forward to moving ahead with our planned capital projects which will provide increased reliability to our existing customers and will ensure timely and secure electrical supply to our new customers," added Walker.
FortisBC is an integrated electric utility based in Kelowna, British Columbia and operating in the southern interior of British Columbia. The Company serves 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 approximately 550 people in British Columbia and is an indirect wholly owned subsidiary of Fortis Inc. - a diversified, international electric utility holding company based in St. John's, Newfoundland, with assets of approximately $5 billion and annual revenues of more than $1.4 billion. The Common Shares, First Preference Shares, Series C, First Preference Shares, Series E and First Preference Shares, Series F of Fortis are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C, FTS.PR.E and FTS.PR.F, respectively. Fortis 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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