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Fortis Inc
Symbol FTS
Shares Issued 399,833,460
Close 2016-11-28 C$ 41.26
Market Cap C$ 16,497,128,560
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Van Sun says Fortis complains about city's energy plans

2016-11-29 09:32 ET - In the News

The Vancouver Sun reports in its Tuesday edition that FortisBC is protesting green building plans that would reduce energy consumption in Vancouver and cut into its customer base. The Sun's Matt Robinson writes that Vancouver is trying to phase out fossil-fuel-derived natural gas by 2050 and bring in more biomethane, a renewable natural gas. The city has brought in rules for new construction that would require, by 2030, new buildings to be heated by zero-emission sources, such as district energy, electricity or renewable natural gas. All homes would still be able to use gas ranges and other appliances using natural gas in either form until 2050. Although FortisBC will still be free to deliver product to customers in the city, proven technology is not yet in use to produce enough biomethane in B.C. to heat the city, and the utility would stand to lose a massive amount of its market share to electrical and district energy utilities as a result of the city's policies. Jason Wolfe, a FortisBC spokesman, clarified claims by his company that the city's plans included a natural-gas ban. Rather, the plans would serve as "an effective ban" that would ultimately raise rates for all gas customers, Mr. Wolfe said.

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