FortisBC completed the purchase of the City of Kelowna's electrical utility assets on March 29, 2013 after the successful completion of public approval processes by both the BC Utilities Commission (BCUC) and the City of Kelowna through its alternative approval process. For the past decade, FortisBC has operated and maintained the City of Kelowna's electrical utility assets. The completion of this transaction allows FortisBC to directly serve the approximate 15,000 customers formerly served by the City of Kelowna.
"The successful transfer of the City's electrical utility to FortisBC is great news for the taxpayers of Kelowna and our utility customers," said Mayor Walter Gray. "Taxpayers will benefit from the long-term financial earnings resulting from the reinvestment of the proceeds and customers will receive safe and reliable electricity from an experienced owner and operator."
"This transaction provides benefits to our new customers in the City of Kelowna and our existing customers throughout FortisBC's service territory by mitigating future rate increases and providing continuity of service in the Kelowna area," said John Walker, President and CEO of FortisBC.
Customers formerly served by the City of Kelowna will continue to receive their bills as usual, but will move to FortisBC rates starting on April 8, 2013. FortisBC anticipates transitioning City of Kelowna customers to its billing system in 2014. For more information on the BCUC decision approving the transaction or on FortisBC, please visit www.fortisbc.com.
