ST. JOHN'S, NEWFOUNDLAND AND LABRADOR - The Supreme Court of Belize (the "Court") released its decision today on the case brought by Belize Electricity Limited, 70% owned by Fortis Inc. (TSX:FTS), appealing the Public Utilities Commission's Final Decision, following the 2008 Annual Tariff Review Proceeding.
The Court dismissed Belize Electricity Limited's appeal. The Supreme Court Judge found that, among other things, "Good Utility Practice as defined by [the Independent Expert appointed by the Court] in his Report is not applicable to Belize."
Fortis and Belize Electricity Limited continue to assess their options and legal remedies, including appeal.
Belize Electricity Limited is the primary distributor of electricity in Belize. The utility's assets comprise less than 2% of the total assets of Fortis.
Fortis Inc. is the largest investor-owned distribution utility in Canada, with total assets of $12.9 billion and fiscal 2010 revenue totalling approximately $3.7 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. Fortis shares are listed on the Toronto Stock Exchange and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com or www.sedar.com.