Open house explains power sell-off
Sep 23, 2012 / 2:00 pm
The City of Kelowna will host a pair open houses this week for both City of Kelowna electrical utility customers and residents who want to learn more about the Electrical Utility Restructuring Opportunity and what it means for them.
The open houses will be held at the Fairfield Inn & Suites by Marriott at 1655 Powick Road on Tuesday, September 25 and Thursday, September 27 from 4 to 6:30 p.m.
A presentation will be given at 5 p.m. on both nights, however, the city says the same information will be available at any time during the open houses.
Representatives of FortisBC and the city will be on hand to explain what the restructuring means and to answer any questions.
The plan calls for a shift by the city from its current status as electrical utility owner to electrical utility investor.
This will result in Kelowna transferring its electrical utility assets to FortisBC for a negotiated sale price of $55 million, then using the proceeds to purchase, with the approval of the Inspector of Municipalities, common shares in Fortis Inc. (FortisBC's parent company).
The city may also use some of the proceeds to purchase other municipally-eligible investments.
The proposed transfer of Kelowna's utility assets to FortisBC requires the approval of voters. To do that, the city will seek elector approval using the alternative approval process, the terms of which are set out in British Columbia's Community Charter.
Voters have until October 26 to register any opposition to the proposed sale.
For more information Electrical Utility Restructuring Opportunity visit the City of Kelowna website.
Email us email@example.com