Cashu Logo
HomeWatchlistNewsSignalsPicks
DJI
-0.94%
SPX
-0.79%
IXIC
-0.92%
FTSE
-0.19%
N225
+0.22%
AXJO
-0.14%
Cashu Logo
Log In
HomeWatchlistNewsSignalsPicks
Join our newsletter to keep up to date with us!
Cashu Logo Alt
Cashu is the #1 way to stay ahead of the markets, know why your favourite stocks are moving and access valuation signals that smash the market.

Company

  • About Us
  • Careers
  • Blog
  • News

Help & Support

  • Help Center
  • Contact Us
  • Pro Support

Legal

  • Privacy Policy
  • Terms of Use
InstagramYouTube

© 2024 Cashu PTY LTD.

Fortis Inc. Launches Renewable Energy Call to Meet Growing Demand in British Columbia

publisher logo
Cashu
2 days ago
Cashu TLDR
  • FortisBC Inc. will launch a call for renewable power projects in 2025 to meet rising electricity demands.
  • The initiative aims to generate up to 1,100 GWh of energy by 2030, benefiting approximately 190,000 customers.
  • FortisBC emphasizes Indigenous equity in projects, ensuring at least 25% ownership by Indigenous communities for local empowerment.
fts.to Logo
FTS.TO
Fortis Inc
-0.44%

FortisBC Initiates Call for Renewable Power Generation Projects to Meet Growing Demand

FortisBC Inc. is preparing to launch a call for power in 2025 to address the increasing electricity demands in the Southern Interior of British Columbia. This initiative follows the company's 2024 Request for Expressions of Interest (RFEOI) and aims to solicit proposals for local power generation projects, particularly those focused on renewable energy sources. The goal is to generate up to 1,100 gigawatt hours (GWh) of energy by 2030, serving approximately 190,000 customers in the region. This strategic move aligns with the utility's commitment to sustainability and the growing need for energy solutions that can accommodate peak demand periods, particularly during the winter months.

Central to FortisBC's initiative is its emphasis on economic reconciliation, which mandates that at least 25% of the equity in the proposed projects be owned by Indigenous communities. This requirement not only fosters meaningful partnerships but also supports local economic development and empowerment within Indigenous populations. FortisBC is particularly focused on wind energy projects that can be seamlessly integrated into its electricity system, thus enhancing its capacity to deliver reliable and renewable energy to its customers. The utility’s proactive approach highlights its role as a key player in the transition towards a more sustainable energy future in British Columbia.

Furthermore, recent legislative changes enacted by the British Columbia government aim to streamline the permitting process for renewable energy projects. This legislative support is expected to expedite the deployment of new power generation sources, thereby enhancing the utility's ability to meet customer demands efficiently. In addition to these projects, FortisBC plans to invest $133 million by 2027 in upgrading its infrastructure, including significant enhancements to substations in Kelowna and the South Okanagan. These investments not only bolster the reliability of the electric grid but also reaffirm the company's commitment to promoting renewable energy solutions and lower carbon alternatives, such as Renewable Natural Gas (RNG).

In related developments, FortisBC's Vice President of Energy Supply, Joe Mazza, emphasizes the importance of local energy projects in meeting community needs. This sentiment is shared by Adrian Dix, the Minister of Energy and Climate Solutions, who commends the initiative for its potential to enhance energy accessibility while fostering economic opportunities for Indigenous communities. The collaborative effort between government and utility underscores a shared vision for a sustainable energy future in British Columbia.

As FortisBC moves forward with this ambitious plan, the focus on renewable energy generation highlights a crucial step in addressing the region's energy demands while simultaneously promoting sustainability and community engagement. The utility's initiatives reflect a broader commitment to reducing carbon footprints and adapting to the evolving energy landscape.

The content provided here is for informational purposes only and should not be considered financial or investment advice. Investing in stocks carries risks, including potential loss of principal. Always do your own research and consult with a licensed financial advisor before making any investment decisions. We are not responsible for any losses or damages resulting from your use of this information.

More News

Feature in Progress
This section is under development. Check back soon for updates!