Newfoundland Power Inc.
TSX : FTS

Newfoundland Power Inc.

June 29, 2005 15:04 ET

Newfoundland Power Planning $49 Million in Capital Investments for 2006

ST. JOHN'S, NEWFOUNDAND AND LABRADOR--(CCNMatthews - June 29, 2005) - Newfoundland Power Inc. (TSX:FTS) today filed its 2006 Capital Budget application with the Newfoundland and Labrador Board of Commissioners of Public Utilities (PUB).

"Refurbishment of the electricity system to improve reliability, customer service and operating performance is a central aspect of the Company's capital program this year," said Karl Smith, President and Chief Executive Officer, Newfoundland Power Inc. "The planned 2006 capital investment of approximately $49 million focuses on continuing to upgrade and strengthen our electricity system to enhance reliability for our customers, in addition to responding to energy growth demands by expanding the system to provide service to new customers."

The proposed 2006 Capital Budget focuses on refurbishing and replacing equipment to enhance the electricity system, meeting the demands of new customer and energy growth, while taking into consideration the Company's obligation to meet safety and environmental requirements. More than half of the Company's capital expenditures in 2006 will be devoted to replacing aged and deteriorated components of the electricity system. The plan also includes refurbishing Topsail and Laurentian Substations, replacing aging components at the Petty Harbour Hydroelectric Plant and upgrading transmission lines in rural areas.

"We are making significant investments in several areas across the island so that we can continue to meet customers' expectations for reliable, low-cost electricity," added Smith. "We want to ensure we are providing our customers with the best possible service and electricity system."

"We believe that investments in the electricity system will directly benefit our customers through improved and enhanced reliability," concluded Smith.

All the common shares of Newfoundland Power are owned by Fortis Inc., a diversified, international electric utility holding company with assets of approximately $4.0 billion and annual revenues of approximately $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 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 225,000 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, visit www.newfoundlandpower.com.

Contact Information

  • Newfoundland Power Inc.
    Bob Pike - Manager, Corporate Communications
    and Human Resource Services
    (709) 737-5674 / (709) 685-4242 (cell)