ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - April 4, 2016) - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) announced today that it has completed the acquisition of Aitken Creek Gas Storage ULC from Chevron Canada Properties Ltd.1
"This acquisition reflects our continued focus on natural gas investments in British Columbia," said Mr. Barry Perry, President and CEO of Fortis. "The Aitken Creek gas storage facility is uniquely positioned to benefit from future development of British Columbia's natural gas resources to serve both domestic markets and LNG exports."
Aitken Creek is the only underground natural gas storage facility in British Columbia and has a total working gas capacity of 77 BCF. The facility is located in the heart of the prolific Montney production region.
Fortis is a leader in the North American electric and gas utility business, with total assets of approximately $29 billion and fiscal 2015 revenue of $6.7 billion. The Corporation's asset mix is approximately 96% regulated (70% electric, 26% gas), with the remaining 4% comprised of long-term contracted hydroelectric generation operations. The Corporation's regulated utilities serve more than 3 million customers across Canada and in the United States and the Caribbean. Fortis shares are listed on the Toronto Stock Exchange and trade under the symbol FTS. For more information about Fortis, visit www.fortisinc.com or www.sedar.com.
Fortis includes forward-looking information in this release within the meaning of applicable securities laws in Canada. The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. Forward-looking statements are typically identified by words such as "anticipates", "budgets", "could", "estimates", "expects", "forecasts", "may", "opportunity", "projects", "pending", "schedule", "should", "target", "would" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements included in this release include, but are not limited to, statements related to future development of British Columbia's natural gas resources.
Forward-looking statements involve significant risk, uncertainties and assumptions. 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, the realization of additional opportunities including natural gas-related infrastructure and generation and the future development of British Columbia's domestic markets and LNG exports, the expectation that capital investment will support growth in earnings and dividends, and fluctuating foreign exchange. Fortis 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 Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities. Except as required by law, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Unless otherwise specified, all financial information referenced is in Canadian dollars.
1 The definitive share purchase and sale agreement for the purchase of 100% of the shares of Aitken Creek Gas Storage ULC ("ACGS") from Chevron Canada Properties Ltd. ACGS owns 93.8% of the Aitken Creek gas storage site. The remaining share is owned by BP Canada Energy Company. ACGS also owns 100% of the North Aitken Creek gas storage site which offers future expansion potential.
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