KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Yesterday FortisBC Inc. (TSX:FTS) filed an application with the British Columbia Utilities Commission (BCUC) to set customer electricity rates for 2008. The Company is requesting a general 4% rate increase, effective January 1, 2008. The increase is primarily the result of the Company's extensive capital investment program and higher power purchase expense due to ongoing customer growth and increased electrical demand.
Over the last three years, FortisBC has made significant progress upgrading electrical infrastructure, improving reliability and customer service. The Company expects to invest $142 million in 2007 and $124 million in 2008, in the electrical system in its operating area in the southern interior of British Columbia.
"At FortisBC we are sensitive to the challenges customers face with rising energy costs. To assist customers with these challenges, the Company continues to emphasize conservation through our PowerSense program, which provides both financial incentives and advice on energy efficient technologies and practices," noted John Walker, President & CEO of FortisBC. Information on FortisBC's energy efficiency programs is available at www.fortisbc.com.
FortisBC is an integrated electric utility based in Kelowna, British Columbia and operating in the southern interior of British Columbia. The Company serves approximately 152,000 customers directly and indirectly. The utility has four regulated hydroelectric generating plants with a combined capacity of 235 megawatts and approximately 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., the largest investor-owned distribution utility in Canada, which serves almost 2,000,000 gas and electric customers and has approximately $10 billion of assets. 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.
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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