Fortis raised rates 8%

Fortis raised rates 8%

Postby marshp0 » Jan 27th, 2021, 7:13 am

How is Fortis allowed to just do this? I never even heard it was coming.
I looked at my bill and got bill-shock. The bill says "rate increase approved by rate commission".
Scammers! 8% raise is a lot for one year!!
marshp0
 
Posts: 18
Likes: 0 post
Liked in: 9 posts
Joined: Apr 30th, 2013, 10:47 am

Re: Fortis raised rates 8%

Postby Bsuds » Jan 27th, 2021, 7:16 am

It was announced awhile ago so you must have missed it.
My Wife is blaming me for ruining her Birthday!
That's ridiculous, I didn't even know it was her Birthday!
User avatar
Bsuds
The Wagon Master
 
Posts: 47768
Likes: 13963 posts
Liked in: 17740 posts
Joined: Apr 21st, 2005, 10:46 am

Re: Fortis raised rates 8%

Postby seewood » Jan 27th, 2021, 8:33 am

Fortis Inc. (FTS.TO) pays an annual dividend of C$1.91 per share, with a dividend yield of 3.66%. FTS's next quarterly dividend payment will be made to shareholders of record on Monday, March 1. Fortis Inc. (FTS.TO) pays out 72.02% of its earnings out as a dividend.

Might suggest purchasing some Fortis stock and get some of the increased rates back. I realize not everyone can or will though.
I am not wealthy but I am rich

cyruslosco66 likes this post.
seewood
Grand Pooh-bah
 
Posts: 2759
Likes: 9192 posts
Liked in: 2629 posts
Joined: May 29th, 2013, 2:08 pm

Re: Fortis raised rates 8%

Postby Even Steven » Jan 27th, 2021, 9:45 am

Oh, you feel upset now?

Now read this:

https://www.bchydro.com/news/press_cent ... %2C%202020.

VANCOUVER: BC Hydro customers will receive a one-time bill credit early next year as a result of an additional 0.61 per cent rate decrease that is effective retroactively to April 1, 2020.

In its decision in the Fiscal 2020/21 Revenue Requirements Application, the BC Utilities Commission requested BC Hydro to amend its rate reduction to reflect last year’s results and the latest financial forecast. As a result, this year’s rate will go from a net decrease of 1.01 per cent to a net decrease of 1.62 per cent.

Residential customers should expect to receive a one-time bill credit of $4 on average, while commercial customers will receive from $10 to $600 on average depending on the size of the business and industrial customers will receive up to $375,000.

BC Hydro plans to file its next Revenue Requirement Application with the BC Utilities Commission in mid-December. It is focused on keeping rates low for its customers, and any rate change would require the Commission’s approval.
Even Steven
Guru
 
Posts: 5050
Likes: 428 posts
Liked in: 4354 posts
Joined: Mar 24th, 2015, 7:20 pm

Re: Fortis raised rates 8%

Postby Mrmarvingardens » Jan 27th, 2021, 12:15 pm

You should have followed our former mayor Walter Gray.
When the city was negotiating with Fortis for their purchase of the city electrical grid, the mayor just happened to own Fortis stock.

4 people like this post.
Mrmarvingardens
Board Meister
 
Posts: 358
Likes: 358 posts
Liked in: 302 posts
Joined: Jan 28th, 2009, 7:50 pm

Re: Fortis raised rates 8%

Postby AlienSoldier » Jan 27th, 2021, 1:07 pm

When people want the government out of certain industries and give them to the private sector, you lose the right to judge them. Fortris has to ensure it can run its operations, pay its dividend, employees, expenses and what the market can bare. If they can increase their rates without people jumping to alternatives they will.
AlienSoldier
Generalissimo Postalot
 
Posts: 723
Likes: 185 posts
Liked in: 494 posts
Joined: Oct 30th, 2017, 11:53 am

Re: Fortis raised rates 8%

Postby Even Steven » Jan 27th, 2021, 1:08 pm

Mrmarvingardens wrote: the mayor just happened to own Fortis stock.


To be fair, Fortis is a very common stock to own, and if you have any conservative mutual funds, chances are you own Fortis.
Even Steven
Guru
 
Posts: 5050
Likes: 428 posts
Liked in: 4354 posts
Joined: Mar 24th, 2015, 7:20 pm

Re: Fortis raised rates 8%

Postby Sparki55 » Jan 27th, 2021, 1:11 pm

AlienSoldier wrote:When people want the government out of certain industries and give them to the private sector, you lose the right to judge them. Fortris has to ensure it can run its operations, pay its dividend, employees, expenses and what the market can bare. If they can increase their rates without people jumping to alternatives they will.


They have a monopoly... Different rules apply. I can't just switch providers. Because of this they need to be monitored by the government.

Should no government intervention exist, they would charge whatever they want since nobody can complete with them.

3 people like this post.
Sparki55
Grand Pooh-bah
 
Posts: 2504
Likes: 1506 posts
Liked in: 2682 posts
Joined: Feb 24th, 2013, 2:38 pm

Re: Fortis raised rates 8%

Postby AlienSoldier » Jan 28th, 2021, 7:29 am

Sparki55 wrote:
AlienSoldier wrote:When people want the government out of certain industries and give them to the private sector, you lose the right to judge them. Fortris has to ensure it can run its operations, pay its dividend, employees, expenses and what the market can bare. If they can increase their rates without people jumping to alternatives they will.


They have a monopoly... Different rules apply. I can't just switch providers. Because of this they need to be monitored by the government.

Should no government intervention exist, they would charge whatever they want since nobody can complete with them.


There are options such as Solar, wind, NG etc but agreed they are a monopoly. Kelowna council should work to at least have 2 or more players in the market to support pricing competition. If they can't do that, they should have a government run alternative.
AlienSoldier
Generalissimo Postalot
 
Posts: 723
Likes: 185 posts
Liked in: 494 posts
Joined: Oct 30th, 2017, 11:53 am

Re: Fortis raised rates 8%

Postby GordonH » Jan 28th, 2021, 8:03 am

Those who know their Kelowna history could be aware of this one.
Way back when W.A.C Bennett was premier and some time around when he start BC Hydro. Very curious thing happened West Kootenay power didn’t have Kelowna in their area.
So why would Bennett get WKP to then include Kelowna in their area and not leave it under BC Hydro.

btw Fortis was formerly known as West Kootenay Power.
“Be water my friend”.
“I’m not in this world to live up to your expectations and you’re not in this world to live up to mine.”
― Bruce Lee

cyruslosco66 likes this post.
User avatar
GordonH
Grumpy Old Bleep
 
Posts: 28289
Likes: 3670 posts
Liked in: 12554 posts
Joined: Oct 4th, 2008, 7:21 pm
Location: Second star to the right and straight on 'til morning

Re: Fortis raised rates 8%

Postby Vacancyrate » Jan 28th, 2021, 11:19 am

Remember...

...inflation is under 2%!

LOLOLOLOLOL
Vacancyrate
Lord of the Board
 
Posts: 3089
Likes: 641 posts
Liked in: 2288 posts
Joined: Mar 15th, 2018, 1:42 pm

Re: Fortis raised rates 8%

Postby Mrmarvingardens » Jan 28th, 2021, 1:07 pm

Yes....it was the famous Socreds...Bennett the Younger that approved the sale of West Kootenay Power...
Believe it was sold to a company in the southern U.S. which eventually went bankrupt...(darn can't remember its name)
Fortis picked up the pieces, It has since expanded, buying utility companies in the U.S. and Caribbean.
Addressing the post about the former mayors investment in Fortis while mayor.
I believe this is called "conflict of interest"
Mrmarvingardens
Board Meister
 
Posts: 358
Likes: 358 posts
Liked in: 302 posts
Joined: Jan 28th, 2009, 7:50 pm

Re: Fortis raised rates 8%

Postby AltaRed » Jan 28th, 2021, 1:35 pm

All rate increases have to be approved by the BC Utilities Commission. They take a deep dive into the costs and cost structure of the monopoly company, capital requirements to maintain and upgrade assets, servicing debt and from that determine revenue needs to cover all that, plus make a profit for equity shareholders. A certain amount of earnings is required to maintain/improve stock price because of the debt/equity balance needed to maintain the company's balance sheet (to be able to continue to take on debt). There is nothing nefarious about it.

seewood likes this post.
AltaRed
 
Posts: 81
Likes: 1 post
Liked in: 36 posts
Joined: Aug 18th, 2012, 8:55 am
Location: West Kelowna

Re: Fortis raised rates 8%

Postby cyruslosco66 » Jan 28th, 2021, 1:46 pm

AltaRed wrote:All rate increases have to be approved by the BC Utilities Commission. They take a deep dive into the costs and cost structure of the monopoly company, capital requirements to maintain and upgrade assets, servicing debt and from that determine revenue needs to cover all that, plus make a profit for equity shareholders. A certain amount of earnings is required to maintain/improve stock price because of the debt/equity balance needed to maintain the company's balance sheet (to be able to continue to take on debt). There is nothing nefarious about it.

they dont do no deep dive lol , its a few scotch and few handshakes .
m4a ubi free palestine wear a mask support your local first nation band
User avatar
cyruslosco66
Banned
 
Posts: 3343
Likes: 1822 posts
Liked in: 625 posts
Joined: Aug 21st, 2020, 4:01 pm

Re: Fortis raised rates 8%

Postby GordonH » Jan 28th, 2021, 1:50 pm

Mrmarvingardens wrote:Yes....it was the famous Socreds...Bennett the Younger that approved the sale of West Kootenay Power...
Believe it was sold to a company in the southern U.S. which eventually went bankrupt...(darn can't remember its name)
Fortis picked up the pieces, It has since expanded, buying utility companies in the U.S. and Caribbean.
Addressing the post about the former mayors investment in Fortis while mayor.
I believe this is called "conflict of interest"


In late 80s Aquila Networks aka Missouri-based UtiliCorp United, purchase it from Cominco.
“Be water my friend”.
“I’m not in this world to live up to your expectations and you’re not in this world to live up to mine.”
― Bruce Lee
User avatar
GordonH
Grumpy Old Bleep
 
Posts: 28289
Likes: 3670 posts
Liked in: 12554 posts
Joined: Oct 4th, 2008, 7:21 pm
Location: Second star to the right and straight on 'til morning

Next

Return to Central Okanagan

Who is online

Users browsing this forum: BC Landlord, CommonCrawl [Bot] and 4 guests