Open house on topic of electrical utility sale

FortisBC and City of Kelowna will be on hand to explain the city's switch from being an owner to an electrical utility investor.

The City of Kelowna will host two open houses for City of Kelowna electrical utility customers and Kelowna residents to learn more about the Electrical Utility Restructuring Opportunity and what it means for them.

The two identical open houses will be held at the Fairfield Inn & Suites by Marriott at 1655 Powick Rd. tonight (Tuesday) and Thursday, Sept. 27, both from 4 to 6:30 p.m.

While a presentation will be given at 5 p.m. on both nights, the same information will be available at any time during the open houses.

Representatives of FortisBC and the City of Kelowna will be on hand to explain the restructuring deal that will see the city switch from being an electrical utility owner to an electrical utility investor.

City council has approved a plan to transfer 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.

The proposed transfer of the City’s utility assets to FortisBC requires the approval of Kelowna’s electors; therefore, 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 Oct. 26 to register opposition to the proposal.

 

Kelowna Capital News