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Fortis Inc
Symbol FTS
Shares Issued 276,355,858
Close 2015-03-23 C$ 39.22
Market Cap C$ 10,838,676,751
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FP says FortisBC challenging permit denial

2015-03-24 09:26 ET - In the News

The Financial Post reports in its Tuesday edition that a dispute between British Columbia utility FortisBC and the district of Squamish is heating up. The Post's Yadullah Hussain writes that FortisBC has filed a petition with B.C.'s Supreme Court against Squamish, after the municipality rejected an application to study the feasibility for a natural gas export pipeline. In its petition, FortisBC stated that the "Squamish council unlawfully refused to issue the development permit." FortisBC spokesman Trevor Bourdeau says, "It's fair to say, from a utility perspective, we have never come up against this type of opposition." He says: "There is a lot of misinformation floating out there on how gas is produced in B.C. This gives us a great opportunity to talk about regulations that are in place, such as protection of groundwater -- there has never been a case of water contamination from hydraulic fracturing." The permits are necessary for FortisBC to conduct feasibility work on its $520-million Eagle Mountain pipeline for its customer Woodfibre LNG, which is proposing a small liquefied natural gas export project in the area. FortisBC said the decision to deny the permit was "unreasonable and must be set aside."

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