FortisAlberta files 2008/09 settlement agreement with EUB

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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 2 /CNW/ - FortisAlberta Inc. announced today that it has\nfiled a Negotiated Settlement Agreement (the Settlement) with the Alberta\nEnergy and Utilities Board (EUB) regarding the Company's 2008 and 2009 revenue\nrequirement.\n\n\nThe Settlement, if approved by the EUB, establishes a distribution\nrevenue requirement of $256.2 million in 2008 and $280.8 million in 2009,\nresulting in revised distribution rate increases of 6.8 per cent and 7.3 per\ncent for 2008 and 2009 respectively. In 2008, this results in an increase of\n$1.30 per month for residential customers on the distribution component of\ntheir bill.\n\n\n"Although we are operating in a market characterized by strong economic\ngrowth, we have succeeded in keeping distribution rates relatively flat over\nthe last three years," says Karl Smith, President and CEO, FortisAlberta Inc.\n"The proposed rate increases are primarily related to record levels of\ncustomer-driven capital expenditures in the last two years and continuing high\nlevels are expected in 2008 and 2009."\n\n\nCapital expenditures for 2008 and 2009, before customer contributions,\nwill total approximately $600 million. Nearly half this amount is driven by\nthe construction of facilities required to serve new customers, and to\ncomplete line moves and urgent repairs. Other capital expenditures include the\nfull deployment of advanced metering technology, which will help to control\ncosts, improve metering accuracy and enhance overall customer satisfaction.\n\n\nThe parties to the Settlement are: Alberta Sugar Beet Growers and Potato\nGrowers of Alberta, Montana First Nation and Montana Rural Electrification\nAssociation Ltd., Consumers Coalition of Alberta, Industrial Power Consumers\nAssociation of Alberta, Office of the Utilities Consumer Advocate, Public\nInstitutional Consumers of Alberta and the Pipeline Power Group and\nAssociates. The 2008/2009 NSA is supported by the representatives of all\nsegments of FortisAlberta's customer base including residential, farm,\ncommercial and industrial customer classes.\n\n\nIf the Settlement is approved, there will be no need for a further\nhearing on revenue requirements for FortisAlberta's 2008/09 Distribution\nTariff Application.\n\n\nAs an owner and operator of more than 60 per cent of Alberta's total\nelectric distrib...

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