Local energy provider FortisBC is ready to move forward in the next step with the City of Kelowna to transfer ownership of the City's Electrical Utility, a transfer of assets worth an estimated $50 million dollars.
FortisBC Director of Communications, Joyce Wagner, tells AM1150 News,"We're really looking forward to the next steps in the process here, it's absolutely going to be business as usual and it should be absolutely seamless for customers."
FortisBC's Electrical Operations are headquartered right here in Kelowna. "We have operated and maintained the City's assets over the last decade, a third party is currently reviewing the transfer documents including the value, estimated at roughly $50 million dollars" says Wagner.
City Council approved a Memorandum of Understanding at the regular Council meeting on Monday (July 23).
The next step involves a public information campaign and approval of the electors, at which time FortisBC will submit an application to the BC Utilities Commission for final approval.