ST. JOHN'S, NEWFOUNDLAND AND LABRADOR - The Waneta Expansion Limited Partnership, a partnership between Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS), Columbia Power Corporation and Columbia Basin Trust, announced today that the $900 million, 335-megawatt Waneta Expansion hydroelectric generating facility (the "Waneta Expansion") near Trail, British Columbia is now online and generating power. Fortis has a 51% controlling ownership interest in the Waneta Expansion. All of the output of the Waneta Expansion will be sold to BC Hydro and FortisBC Inc. under 40-year contracts.
The Waneta Expansion adds a second powerhouse, immediately downstream of the Waneta Dam on the Pend d'Oreille River, that shares the existing hydraulic head and generates clean, renewable, cost-effective power from water that would otherwise be spilled. The project included construction of a 10-kilometre, 230-kilovolt transmission line and provides enough energy to power about 60,000 homes per year. It was completed six weeks ahead of schedule and on budget while maintaining an excellent safety and environmental protection record.
About Fortis
Fortis is a leader in the North American electric and gas utility business, with total assets of more than $26 billion and fiscal 2014 revenue of $5.4 billion. Its regulated utilities account for approximately 93% of total assets and serve more than 3 million customers across Canada and in the United States and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investment is comprised of hotels and commercial real estate in Canada. For more information, visit www.fortisinc.com or www.sedar.com.
This media release contains forward-looking information within the meaning of applicable securities laws in Canada ("forward-looking information"). The forward-looking information in this media release includes, without limitation, statements regarding the sale of Waneta Expansion output. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The forward-looking information reflects management's current beliefs; however, these statements are subject to a variety of risks and uncertainties. Actual future results may differ materially. Additional information related to Fortis and the Waneta Expansion, including the Corporation's Annual Information Form, can be found on SEDAR at www.sedar.com.