Fortis Inc. announced yesterday that the corporation, in partnership with Columbia Power Corporation and Columbia Basin Trust (CPC/CBT), intends to construct a 335-megawatt (MW) hydroelectric generating facility, the Waneta Expansion, at an estimated cost of approximately $900 million. The facility is sited near the Waneta Dam and powerhouse facilities on the Pend d'Oreille River, south of Trail, British Columbia. CPC/CBT are both 100 per cent owned corporations of the Government of British Columbia. Subject to negotiation and completion of definitive agreements, Fortis will own 51 per cent of the Waneta Expansion and will operate and maintain the non-regulated investment when the facility comes into service, which is expected in spring 2015. Federal and provincial environmental assessment approvals are in place for the project.
The Waneta Expansion will become part of the Canal Plant Agreement and will receive fixed energy and capacity entitlements based upon long-term average water flows, thereby significantly reducing hydrologic risk associated with the project.
The energy, approximately 630 gigawatt hours, (and associated capacity required to deliver such energy) for the Waneta Expansion will be sold to BC Hydro under a long-term energy purchase agreement at prices comparable to those for projects recently accepted by BC Hydro under its 2008 Clean Power Call. The surplus capacity, equal to 234 MW on an average annual basis, will, subject to approval of the British Columbia Utilities Commission (the BCUC), be sold to FortisBC Inc. under a long-term capacity purchase agreement at a price within the range of alternatives outlined in FortisBC's Resource Plan filed with the BCUC in May 2009.
"Fortis is excited about this opportunity to grow our non-regulated hydroelectric generation business in British Columbia, where we have well-established regulated utility operations at FortisBC and Terasen Gas," said Stan Marshall, president and chief executive officer, Fortis Inc. "Fortis, through our operating and predecessor companies, has 125 years of expertise in the hydroelectric generation business. FortisBC and CPC/CBT have a lengthy, successful working relationship resulting from the many years that FortisBC has managed CPC/CBT's hydroelectric assets in the Columbia Basin."
"The Waneta Expansion will substantially resolve capacity shortfall issues for FortisBC and will enable FortisBC to serve its customers with long-term, reliable electricity from a renewable resource," Marshall said. "The hydroelectric generating capacity in British Columbia owned and/or managed by Fortis, including the Waneta Expansion, will exceed 1,500 megawatts.The corporation's investment in the Waneta Expansion will increase consolidated capital expenditures of Fortis by almost 10 per cent to about $5.5 billion over the next five years. British Columbia and the Pacific Northwest region provide good potential to pursue additional hydroelectric generation assets that complement the utility operations of Fortis in western Canada and deliver value to our customers and shareholders."
Fortis Inc. is the largest investor-owned distribution utility in Canada, with total assets exceeding $12 billion and fiscal 2009 revenues totaling $3.6 billion. The corporation serves approximately 2,100,000 gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and three Caribbean countries and a natural gas utility in British Columbia. Fortis owns and operates non-regulated generation assets across Canada and in Belize and Upper New York State. It also owns hotels and commercial real estate across Canada.
FortisBC Inc., an indirect wholly owned subsidiary of Fortis Inc., is an integrated regulated electric utility based in Kelowna, British Columbia, serving approximately 160,000 customers directly and indirectly through wholesale utilities in the southern interior of B.C. FortisBC owns and operates four regulated hydroelectric generating plants with an aggregate capacity of 223 MW that provide approximately 45 per cent of FortisBC's energy and 30 per cent of its capacity needs. FortisBC's remaining electricity supply is acquired through long-term power purchase contracts and short-term market purchases. FortisBC also operates and maintains, pursuant to management service agreements, the 493-MW Waneta hydroelectric generation facility owned by Teck Cominco Metals Ltd., and the 149-MW Brilliant Hydroelectric Plant, 120-MW Brilliant Expansion Plant and 185-MW Arrow Lakes Hydroelectric Plant, each owned by CPC/CBT.
Realtor Jason Wheeldon has been awarded the prestigious Lifetime Award of Excellence from Royal LePage Canada.
In a recent presentation to the Cranbrook Chamber of Commerce, he stated that over the past three years, Cranbrook’s construction industry paid its workers a round figure of $42 million in wages, which was then absorbed back into the community.
The Lifetime Award of Excellence is presented to Royal Lepage members for attaining President's Gold ten out of fourteen consecutive years. For first-time inductees, repeat qualifiers and sustaining members attaining the Director's Platinum or President's Gold Award five out of seven previous consecutive years.
Royal LePage is Canada's leading provider of franchise services to residential real estate brokerages, with a network of nearly 14,000 real estate professionals in over 600 locations across Canada. Royal LePage is the only Canadian real estate company to have its own charitable foundation; the Shelter Foundation which is dedicated exclusively to funding women's shelters and violence prevention and education programs. Royal LePage is managed by Brookfield Real Estate Services.
Congratulation to Jason on his Lifetime Award of Excellence!
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After a decade at the helm of Selkirk College, Marilyn Luscombe has accepted the position of president and CEO of New Brunswick Community College (NBCC). She will assume her new position on January 1, 2011.
"I suppose it would be natural to say that our loss is New Brunswick’s gain, but I don’t believe that to be a fair representation of the situation," said Stefan Lehmann, chair of the Selkirk College board of governors. "A more accurate assessment would be to say that we have benefited from a decade of Marilyn’s leadership, and now she has accepted a new challenge."
Selkirk College will now undertake its search for a new president and CEO, a process that may take the Selkirk board into next spring.
"In the near future, we will be announcing the appointment of an interim president for Selkirk College, effective January 1, 2011," said board chair Stefan Lehmann. "There is every likelihood that there will be a period of time between Marilyn assuming her new position and the hiring of a new leader for Selkirk. It is very important that we have no lapse in leadership for our college during that time."
Ms. Luscombe said, "A part of my heart will always be with Selkirk College. My experience here, and as a citizen in the West Kootenay Boundary region, has been profoundly meaningful and one that I will always cherish. Selkirk is a special place—created in the early 1960s by its communities, and evolved with the love, creativity and commitment of its employees. Selkirk is an investment by our government and our communities in the health and prosperity of this region and its people. The return on that investment has been and will continue to be huge."
This comforting thought comes from the friendly folks at Rossland’s Redstone Resort!
In 1923…
In that same year, 1923, Gene Sarazen won most of the important golf championships, including both the US Open and PGA Championship. He played golf until he was 92 and died in 1999 at the age of 95, and was financially solvent at his death.
Conclusion: Stop worrying about business and start playing more golf!
From Your Friends at Redstone Resort.
Keith Powell is the publisher and founder of Kootenay Business magazine which is part of the Koocanusa Publications family. He has written a regular sales and marketing column, called Ad Talk, in Kootenay Business magazine for over 20 years. He also writes a daily business blog about business developments in the Kootenays. He is a director of Kootenay Rockies Tourism and the Kootenay Rockies Regional Economic Alliance (KRREA).
E-mail Keith if you have a business story idea.
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