ST. JOHN'S, NEWFOUNDLAND AND LABRADOR, Nov. 30, 2009 (Marketwire) -- Terasen Gas Inc. ("TGI") and Terasen Gas (Vancouver Island) Inc. ("TGVI"), both indirect, wholly owned subsidiaries of Fortis Inc. (TSX:FTS), announced today that the British Columbia Utilities Commission ("BCUC") has approved the companies' 2010-2011 Revenue Requirements Negotiated Settlement Agreements (the "Negotiated Settlement Agreements").
The Performance-Based Rate-Setting ("PBR") Agreements currently in effect at TGI and TGVI expire on December 31, 2009. The new Negotiated Settlement Agreements reflect a rebasing of incentive earnings and do not include provisions for a PBR incentive mechanism going forward.
The Terasen utilities are currently awaiting the decision of the BCUC related to the companies' Return on Equity and Capital Structure Applications, at which time the final impact on customer rates for 2010 and 2011 will be known.
The BCUC Orders are available on the BCUC's website at www.bcuc.com.
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 more than two million gas and electric customers and has total assets approaching $12 billion. 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