ORDER NO. G-81-97 SIXTH FLOOR, 900 HOWE STREET, BOX 250 a TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 BC TOLL FREE: 1-800-663-1385 CANADA FACSIMILE: (604) 660-1102 IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and an Application by Pacific Northern Gas Ltd. for Approval to Acquire the Shares of Peace River Transmission Company Limited BEFORE: L.R. Barr, Deputy Chair and ) Acting Chair ) July 9, 1997 K.L. Hall Commissioner ) O R D E R WHEREAS: A. On July 9, 1997 Pacific Northern Gas Ltd. ("PNG") applied to the Commission for approval to acquire all of the issued and outstanding shares of Peace River Transmission Company Limited ("PRT") pursuant to the Utilities Commission Act ("the Act"); and B. PRTÕs pipeline facilities interconnect with those of Pacific Northern Gas (N.E.) Ltd. (ÒPNG (N.E.)Ó) to facilitate the delivery of gas from the Westcoast Energy Inc. pipeline through the PRT pipeline to PNGÊ(N.E.); and C. PNG (N.E.) is the only customer of PRT. PRTÕs transportation tolls recover its cost of service and are passed through to the Dawson Creek Division customers as a gas supply cost; and D. BCÊGas Inc., owner of all the issued and outstanding shares of PRT, executed a Share Purchase Agreement dated DecemberÊ20, 1996 with PNG. The transaction price is set at the net book value of the assets, less $59,000 related to identified operating deficiencies of the PRT system; and E. PNG advises the Commission that it will operate the PRT as a separate entity, providing gas transportation service to PNG(N.E.) at the tolls currently in place and is satisfied that the transmission system is in good operating condition; and .../2
F. The Commission has reviewed the information provided and finds that approval of the acquisition of the PRT shares by PNG is necessary and in the pubic interest. NOW THEREFORE pursuant to Section 54 of the Utilities Commission Act, the acquisition by PNG of all the issued and outstanding shares of PRT is approved, effective June 30, 1997, subject to the terms of the DecemberÊ20, 1996 Share Purchase Agreement between PNG and BCÊGas Inc. being fulfilled. DATED at the City of Vancouver, in the Province of British Columbia, this ÊÊÊÊÊÊÊ15thÊÊÊÊÊÊÊÊÊday of July, 1997. Order/PNG-PRT SharePurchase2 B R I T IS H C O L U M B I A U T IL I T I E S C O M M IS S I ON O R D ER N U M B ER G-81-97 BY ORDER Original signed by: Lorna R. Barr Deputy Chair and Acting Chair
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