Business
FortisBC plans $111.7 million in capital investments in 2006
FortisBC plans $111.7 million in capital investments in 2006.
About this update from Fortis Inc.
[{"type":"text","content":"\n\n\n\n\nLOWNA, BC, Aug. 17 /CNW/ - (TSX:FTS) - FortisBC Inc. today filed an\napplication with the British Columbia Utilities Commission (BCUC) for approval\nto spend approximately $111.7 million on its electrical facilities in 2006.\n\"The 2006 capital expenditures are necessary to upgrade FortisBC's aged\nelectrical system and to meet customer demand,\" noted John Walker, President &\nCEO, FortisBC Inc. \"This investment will allow the Company to continue to\nfocus its efforts on the key areas of safety, customer service, reliability,\nproductivity and the environment.\"\nThe expenditures are consistent with FortisBC's long-term System\nDevelopment Plan (SDP), which was filed with the BCUC as part of the Company's\n2005 Revenue Requirements Application. The SDP includes the South Okanagan\nTransmission Reinforcement Project (now nearing completion).\nThe most significant areas of investment in 2006 will be the expansion\nand upgrading of the transmission and distribution system in the South\nOkanagan and Kelowna areas, as well as the continuation of upgrades and life\nextension work on hydroelectric generation facilities.\n\"FortisBC is committed to the long-term delivery of safe, reliable\nelectricity service,\" added Walker. \"The system improvements we have planned\nfor 2006 will allow us to fulfill that commitment to customers at the lowest\npossible cost.\"\nFortisBC is an integrated utility operating in the southern interior of\nBritish Columbia, serving over 146,000 customers directly and indirectly. The\nutility has four hydroelectric generating plants with a combined capacity of\n205 megawatts and over 6,500 kilometers of transmission and distribution power\nlines. FortisBC employs approximately 450 people in BC and is a wholly owned\nsubsidiary of Fortis Inc. - a diversified, international electric utility\nholding company based in St. John's, Newfoundland, with assets exceeding\n$4.0 billion and annual revenues of approximately $1.2 billion. The Common\nShares, Series C First Preference Shares and Series E First Preference Shares\nof Fortis Inc. are traded on the Toronto Stock Exchange under the symbols FTS,\nFTS.PR.C and FTS.PR.E, respectively. Fortis Inc. information can be accessed\nat www.fortisinc.com.\n\nFortisBC may include forward-looking statements in this release. By their\nvery nature, forward-lookin...