Terasen Inc
From Wikipedia, the free encyclopedia
Terasen Inc is a holding company headquartered in Vancouver, British Columbia, Canada and the parent company of Terasen Gas, and Terasen Energy Services. It is a direct wholly owned subsidiary of Fortis Inc.(TSX: FTS)
[edit] Subsidiaries
- Terasen Gas is the largest distributor of natural gas in British Columbia, serving approximately 900,000 customers in over 125 communities.[citation needed] It is regulated by the British Columbia Utilities Commission.
- Terasen Energy Services delivers alternative energy solutions for heating and cooling applications – providing affordable solutions that utilize sustainable, renewable sources of energy.
[edit] History
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.
On November 30, 2005 Terasen was acquired by Kinder Morgan Energy Partners, for US$5.6 billion (CAD$6.9 billion). Both shareholders and the British Columbia Utilities Commission approved the transaction, with shareholders voting in favour by 95.6%. Under British Columbian law, the sale of any public utility requires approval from the commission, which reviews corporate transactions for their impact on customers.
