Newfoundland Power to Invest $49 million in 2006.ST. JOHN'S, Newfoundland And Labrador Newfoundland and Labrador, province, Canada Newfoundland and Labrador (ny  `fənlənd, ny -- Newfoundland Power The Newfoundland Light and Power Company Limited was formed by the Royal Securities Corporation of Montreal in 1924. It is regulated by the Public Utilities Commission. Newfoundland Power as it is now the primary retailer of electric power in Newfoundland and Labrador. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002)TSX Transfer from Stack Pointer to Index TSX True Space Extension :FTS FTS facteur thymique sérique. ) has received approval of its 2006 Capital Budget from the Newfoundland and Labrador Board of Commissioners of Public Utilities.The Company plans to invest approximately $49 million in 2006 to further upgrade and enhance its electricity system. "Approval of our $49 million Capital Budget for 2006 allows us to continue to invest in the electricity system to enhance reliability for the benefit of our customers," said Karl Smith, President and Chief Executive Officer, Newfoundland Power Inc."Our capital projects will focus on the replacement of aging equipment to strengthen the electricity system and responding to new service requirements to meet customer growth." More than half of the Company's capital expenditures in 2006 will be devoted to replacing aged and deteriorated components of the electricity system to improve safety and reliability.Capital projects will include significant upgrades to transmission and distribution lines located in the areas of Bay St. George, Notre Dame Bay Notre Dame Bay, arm of the Atlantic Ocean, c.40 mi (60 km) long and 50 mi (80 km) wide, NE Newfoundland, N.L., Canada. The Exploits River empties into it. The bay has an irregular shoreline and contains many islands; Fogo Island is east of the bay. and the Bonavista Peninsula The Bonavista Peninsula is a large peninsula on the east coast of the island of Newfoundland in the Canadian province of Newfoundland and Labrador. The peninsula runs 85 km northeast from a 19 km wide isthmus and measures between 15-40 km in width. .Investment will also be made to replace aging components at the Petty Harbour Petty Harbour-Maddox Cove is a picturesque town of approximately 950 people located on the eastern shore of the Avalon Peninsula in the province of Newfoundland and Labrador. It is nestled deep in the heart of Motion Bay, just south (approximately 15 minutes away) of St. John's. Hydroelectric Plant. "We are committed to providing safe, reliable service to all our customers by continuing to invest in rural areas while at the same time meeting the growth demands in larger urban centres," said Smith. Newfoundland Power's capital investments are aimed at keeping the overall cost of service as low as reasonably possible for customers. Since 1997, the Company has invested more than $440 million in capital projects to improve customer service, reliability and safety while effectively managing its operating costs. Approval of the 2006 Capital Budget allows the Company to immediately begin detailed construction planning and ordering of materials so that work can commence as early as weather permits in the new year. All the common shares of Newfoundland Power are owned by Fortis Inc., a diversified, international electric utility holding company with assets of approximately $4.1 billion and annual revenues over $1.2 billion. The Common Shares, Series C First Preference Shares and Series E First Preference Shares of Fortis Inc. are traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbols FTS, FTS.PR.C and FTS.PR.E, respectively. Fortis Inc. information can be accessed at www.fortisinc.com. With a customer base of over 226,000 accounts, Newfoundland Power is dedicated to providing the highest level of customer service and reliability of electricity in the most cost-efficient manner possible. For more information on Newfoundland Power's programs, services and community partnerships, please visit www.newfoundlandpower.com. Newfoundland Power Inc. (TSX:FTS) |
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