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Terasen Gas is the largest distributor of natural gas in British Columbia, Canada, serving approximately 900,000 customers in over 125 communities. On February 26, 2007, Fortis Inc. entered into an agreement to acquire Terasen from a wholly owned subsidiary of Kinder Morgan, Inc. (NYSE:KMI), a U.S. energy transportation, storage and distribution company based in Houston, Texas, for a purchase price of $3.7 billion, including the assumption of approximately $2.3 billion of debt. Terasen (formerly BC Gas) is a holding company headquartered in Vancouver, British Columbia operating two principal lines of business: natural gas distribution and petroleum transportation. The acquisition does not include the petroleum transportation assets of Kinder Morgan Canada (formerly Terasen Pipelines),which are comprised primarily of refined and crude oil pipelines. The natural gas distribution business of Terasen, referred to as Terasen Gas, is the third largest gas distribution utility in Canada. Terasen Gas serves approximately 900,000 customers or 95% of natural gas customers in British Columbia. The Company owns and operates 44,100 kilometres of gas distribution pipelines and 4,300 kilometres of gas transmission pipelines. Its service territory includes the populous lower mainland, Vancouver Island, and the southern interior of the province. As of December 31, 2006, Terasen Gas had an aggregate of approximately $3.8 billion of assets, an aggregate rate base approaching $3.0 billion and approximately 1,200 employees. It was a part of the Terasen Inc (TSX: TER) group of companies. It was known as BC Gas prior to that.
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