KELOWNA, BRITISH COLUMBIA--(CCNMatthews - March 13, 2007) - On March 9, 2007 the British Columbia Utilities Commission issued Order G-20-07 ("Order") requiring FortisBC (TSX:FTS) to increase its customer rates by 2.1 percent. The increase is the result of a change in the treatment of financing costs related to large capital projects during the period of construction and will become effective in April 2007.
A copy of the Order is available on FortisBC's website at http://www.fortisbc.com/about_us/regulation/decisions.html.
FortisBC is an integrated electric utility based in Kelowna, British Columbia and operating in the southern interior of British Columbia. The Company serves over 152,000 customers directly and indirectly. The utility has four hydroelectric generating plants with a combined capacity of 235 megawatts and over 6,750 kilometers of transmission and distribution power lines. FortisBC employs over 570 people in British Columbia and is an indirect wholly owned subsidiary of Fortis Inc. - a principally diversified, international distribution utility holding company based in St. John's, Newfoundland, with assets exceeding $5.4 billion and annual revenues of approximately $1.5 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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