EPCOR To Acquire Water Assets Of Breakwater Enterprises
BEL is the provider of potable water to about 3,500 residents within the Regional District of Nanaimo between the City of Parksville and the Town of Qualicum Beach on Vancouver Island. EPCOR and BEL reached an agreement for purchase of the assets in December 2004 and the purchase was subject to regulatory approval by the Water Comptroller.
In its written decision, the Comptroller's Office states that "approval of the proposed transaction will likely result in improved access to capital markets, improve existing infrastructure, improve operations and maintenance procedures and practices, and overall benefit the public interest."
The transaction is expected to close in April 2006, at which time operational responsibility for water services will be assumed by EPCOR.
"This is exciting news," said David Rector, General Manager of EPCOR's water operations in BC. "This means we can get to work on necessary water quality improvements for ratepayers right away. We're looking forward to working with our customers and neighbours to improve water quality and reliability in the service area."
"I'm pleased with the Comptroller's decision," said Rob Hill of Breakwater Enterprises Ltd. "EPCOR has the expertise and ability to take the Breakwater system to the next stage."
In 2004, the Vancouver Island Health Board identified issues with the existing infrastructure, water quality and customer service in Breakwater. EPCOR will immediately begin work on 11 proposed capital projects to improve water quality, system reliability, security and safety and to meet all the directives of the provincial Health Board.
EPCOR provides water or wastewater services to more than 50 municipalities. In British Columbia, EPCOR is active in the District of Sooke, District of Port Hardy, White Rock, and at the Britannia Mine.
SOURCE: EPCOR Utilities Inc.