Terasen Gas
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Terasen Gas is the largest distributor of natural gas in British Columbia, Canada, serving approximately 900,000 customers in over 125 communities. Terasen Gas - an indirect wholly owned subsidiary of Fortis Inc. (TSX: FTS) - is the common name of Terasen Gas Inc., Terasen Gas (Vancouver Island) Inc., and Terasen Gas (Whistler) Inc.
The company owns and operates 44,100 kilometres of gas distribution pipelines and 4,300 kilometres of gas transmission pipelines. Its service territory includes the populous Lower Mainland, Vancouver Island, and the southern interior of the province. Terasen Gas is regulated by the British Columbia Utilities Commission.
On May 17, 2007, Fortis Inc. announced the completion of its acquisition of Terasen Inc. from a wholly owned subsidiary of Kinder Morgan, Inc. (NYSE:KMI), a U.S. energy transportation, storage and distribution company based in Houston, Texas, for a purchase price of $3.7 billion, including the assumption of approximately $2.3 billion of debt.
As of December 31, 2006, Terasen Gas had an aggregate of approximately $3.8 billion of assets, an aggregate rate base approaching $3.0 billion and approximately 1,200 employees.
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