FortisAlberta Purchases Kingman Rural Electrification Association
Kingman Rural Electrification Association (REA) members have voted to sell their electricity system assets to FortisAlberta. At a special general meeting on April 18, more than 80 per cent of members voted to sell these assets. Kingman REA is located in central Alberta, north of Camrose.
The sale, valued at approximately $5.1 million, is subject to the approval of the Alberta Utilities Commission, the agency responsible for the regulation of electricity distribution utilities in Alberta. Upon completion of the sale, Kingman REA members will receive $22,600 for each service.
FortisAlberta has partnered with the Kingman REA to operate its electricity distribution system for more than 60 years. “It has been a privilege to work with the Kingman REA Board of Directors throughout this process and we appreciate the strong show of support from members,” says Phonse Delaney, President and CEO, FortisAlberta. “We look forward to continuing to provide safe and reliable electricity distribution service to Kingman REA members as customers of FortisAlberta.”
SOURCE FortisAlberta
