Fortis Inc. (TSE: FTS.TO), the largest investor-owned distribution utility in Canada, said Monday it was acquiring Central Vermont Public Service Corp. (NYSE: CV), the largest electricity utility in Vermont, for approximately $700 million. Fortis also announced a Canadian common share offering of C$300.3 million (May 31 exchange rate U.S.$1.00 = C$0.97) that would also raise an additional C$45 million if the underwriters’ over-allotment option is exercised in full.
Mortenson Construction, a large family-owned builder and power contractor in Minneapolis, Minn., has announced it is building 13 wind projects in North America this year totaling over 1,600 megawatts, enough to power an estimated 400,000 households.
BC Hydro, the British Columbia (B.C.) government-owned power utility, said Tuesday it had signed an agreement with the Tahitan First Nation on benefits and impacts to the aboriginal nation of the 215-mile 287-kilovolt northwest transmission line (NTL). Tahitans voted 82% in April in favor of a benefits and shared-decision agreement with the Government of B.C. over the passage of the NTL through their tribal lands.
[Editor's Update, May 12, 2011]: Christy Clark won her by-election by a narrow margin. She defeated her primary candidate, the NDP's David Eby, by 595 votes.
Christy Clark, British Columbia's new Premier has wasted little time affirming her plan to build the province's leadership in developing a new energy economy.
Canadian geothermal power producer and developer Magma Energy Corp. (TSX: MXY.TO) said today it will sell a 25% share of its 98.5%-owned Icelandic geothermal power company HS Orka hf to a group of Icelandic pension funds for approximately C$71.5 million, approximately equal to Magma’s original cost of the acquisition.