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Fortis Inc. enters in Liquefied Natural Gas Supply Agreement with Hawaiian Electric
May 19, 2016
ST. JOHN'S NL AND SURREY BC – Fortis Inc. ("Fortis") (TSX:FTS) announced today that Fortis Hawaii Energy Inc. ("Fortis Hawaii"), an indirect wholly-owned subsidiary, entered into an agreement with Hawaiian Electric Company, Inc. ("Hawaiian Electric"), to export liquefied natural gas ("LNG") to Hawaii to be used for local power generation.
The 20-year agreement sets the terms for the supply of LNG to Hawaii. Under the agreement, Fortis Hawaii would deliver 800,000 metric tons of LNG annually to Hawaiian Electric from FortisBC's Tilbury LNG facility in Delta, British Columbia, starting in 2021. The agreement outlines the conditions to be met and the necessary approvals to be received to allow the project to proceed, including government and regulatory approvals in both British Columbia and Hawaii and the approval of the merger of Hawaiian Electric and NextEra Energy Resources.