Terasen Gas applies for propane rate increases
| December 12, 2007 |  Follow us on Twitter |
Surrey, B.C. - Terasen Gas is asking the BC Utilities Commission (BCUC) for increases in rates for its propane service areas, which include Whistler and Revelstoke. The increases are the result of rising propane commodity prices.
“While natural gas prices have been relatively stable over the past year, propane prices have been following the steep rise in crude oil. Our hedging and gas storage strategies are helping shield propane customers from the full impact of rising costs,” said Jan Marston, Vice President, Gas Supply and Transmission. “Terasen Gas propane commodity costs are passed on without mark up.”
If approved, Whistler residential customers will see an increase in annual charges of approximately 13 per cent or $241 and Revelstoke residential customers will see an increase in annual charges of approximately 15 per cent or $234, depending on consumption.
Propane is a commodity traded on the open market like oil, coffee or lumber. Factors affecting the price of propane include weather, supply and demand and the price of other energy commodities.
Any change in Terasen Gas rates must be approved by the BCUC. The application asks to have the increases take effect January 1, 2008.
Terasen Gas is mainly composed of the operations of Terasen Gas Inc. and Terasen Gas (Vancouver Island) Inc., both indirect wholly owned subsidiaries of Fortis Inc. Fortis Inc., the largest investor-owned distribution utility in Canada, serves almost two million gas and electric customers and has $10 billion of assets. Its regulated holdings include Terasen Gas and electric utilities in five Canadian provinces and three Caribbean countries. Fortis Inc. owns non-regulated hydroelectric generation assets across Canada and in Belize and upper New York State. It also owns hotels and commercial real estate in Canada. Fortis Inc. shares are listed on the Toronto Stock Exchange and trade under the symbol FTS. Additional information can be accessed at http://www.fortisinc.com/ or http://www.sedar.com/.
Terasen Gas may include forward-looking statements in this release which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expects”, “intend” and similar expressions have been used to identify the forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to the Company’s management. By their very nature, forward-looking statements are based on underlying factors or assumptions which are subject to inherent risks and uncertainties surrounding future expectations generally. Such risk factors or assumptions include, but are not limited to, general economic, market and business conditions, regulatory developments, gas distribution operating risks, natural gas prices and supply, weather and competition. Terasen Gas cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward looking statements. These factors should be considered carefully and undue reliance should not be placed on the forward looking statements. For additional information with respect to certain of these risks or factors, reference should be made to Terasen Gas’s continuous disclosure materials filed from time to time with Canadian Securities Regulatory Authorities. Terasen Gas disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media contact:
Joyce Wagenaar
Corporate Communications Manager
Phone: (604) 592-7682
E-mail: joyce.wagenaar@terasengas.com
Corporate Communications Manager
Phone: (604) 592-7682
E-mail: joyce.wagenaar@terasengas.com
Scott Thomson
Vice President, Regulatory Affairs & Chief Financial Officer
Terasen Inc. and Terasen Gas
Phone: (604) 592-7784
E-mail: scott.thomson@terasengas.com
Vice President, Regulatory Affairs & Chief Financial Officer
Terasen Inc. and Terasen Gas
Phone: (604) 592-7784
E-mail: scott.thomson@terasengas.com
Select your region
ACCOUNT LOG IN
Select your region
Help us better serve you with offers, promotions, rates and services relevant to your area.
For your convenience
Select your region to view offers, rates and other information for your area throughout our site.