A clear focus and a strong portfolio of growth opportunities: annual report 1999

The year 1999 was an important one in the life of BC Gas, in that in 1999 BC Gas received approval to proceed with projects which, when completed will increase the Company's assets by one-third. Accordingly, during the year BC Gas finalized approval and commenced construction of the Southern Crossing Pipeline, a 316 km transmission pipeline that will provide access to alternative sources of natural gas for BC customers, and finalized approval to construct and operate the Corridor Pipeline system. When this project is completed, a 439 km pipeline will transport bitumen from Fort McMurray to Edmonton. The company also acquired two water supply and service companies, thereby broadening the Company's capabilities and scope of its multi-businesses and monetized its interest in the 66 MW power plant at Williams Lake, BC. Plans for 2000 center around expanding the base businesses, build a suite of multi-utility businesses and strengthening retail opportunities for customers. In 1999, the Company had gross revenues of $ 1.046 billion ($ 925 million in 1998); net earnings of $81.2 million ($ 71.2 million in 1998) or $, 2.12 per share ($. 1.85 in 1998), for a return on equity of 12.2 per cent (12.1 per cent in 1998). Complete financial statement and supporting documentation is included along with details of the various operations