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VANCOUVER, April 2 – Terasen Gas (Vancouver Island) Inc. has received final approval from the B.C. Utilities Commission (BCUC) to begin construction of the Mt. Hayes natural gas storage facility on Vancouver Island.”With this final approval, we can now move forward on an important investment in B.C.’s energy infrastructure – one that will provide benefits to our natural gas customers on Vancouver Island and the mainland,” said Randy Jespersen, Terasen Inc. president and CEO.
The storage facility, supplied by the company’s existing pipeline systems, will allow Terasen Gas to meet current and future gas demands on Vancouver Island and throughout our service territory. It will do this by storing liquefied natural gas during the summer months, which will then be regasified and used to serve high demand periods during the winter.
Terasen Gas expects it will mean more efficient use of the company’s existing pipeline systems and result in improved reliability and security of supply during planned or unplanned system interruptions.
The 20 hectare project site, known as Mt. Hayes, is located approximately six kilometres northwest of Ladysmith. The storage tank itself will hold 1.5 billion cubic feet of liquefied natural gas, with the structure measuring approximately 60 metres in diameter and about 50 metres high.
The BCUC’s approval builds upon the local community and regional support shown for the project.
“During the approval process, Terasen Gas worked diligently with the local community to address social, environmental and safety concerns,” said Mary Marcotte, director, Area H, Cowichan Valley Regional District. “The benefits of the facility will extend beyond the boundaries of the immediate area. Congratulations to Terasen Gas on receiving the final approvals necessary to move forward with the project.”
The facility will create substantial mid-Island economic and employment benefits, including:
The company has been developing this project since 2004. In November 2007, Terasen Gas received conditional approval from the BCUC, of which the requirements have been met. Construction will begin this month with the facility coming into service by late 2011.
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 two million gas and electric customers and has more than $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 www.fortisinc.com or www.sedar.com.
Terasen Gas may include forward-looking statements in this media 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. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. Such risk factors or assumptions include, but are not limited to, regulation, natural gas prices and supply, operational risks, general economic conditions, weather, capital resources, loss of service area, licences and permits, environment, insurance, labour relations and human resources. 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 the Company’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information: Media contact: Carol Greaves, Community Relations Manager, Terasen Gas, Phone: (250) 380-5764, E-mail: firstname.lastname@example.org; Scott Thomson, Vice President, Regulatory Affairs & Chief Financial Officer, Terasen Inc. and Terasen Gas, Phone: (604) 592-7784, E-mail: email@example.com
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