Certain statements contained in this report contain forward-looking information within the meaning of applicable securities laws in Canada (“forward-looking information”). The purpose of the forward-looking information is to provide management’s expectations regarding results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation.
The forward-looking information in this report includes, but is not limited to, FortisBC’s expectation that efficiency and conservation will lead to lowered energy requirements and emissions, FortisBC’s expectation to increase the supply of Renewable Natural Gas1 (RNG) and renewable and low-carbon gases2 in its system, FortisBC’s aspirations to reduce GHG emissions, including to reduce absolute Scope 1 GHG emissions by 35 per cent by 2035 from 2019 levels; FortisBC’s investments in conservation and efficiency programs and related energy savings and its plan to invest $4.9 billion on system modernization; innovations and investments in the supply of renewable and low-carbon gases, efficient gas technologies, hydrogen technologies, low- and zero-carbon vehicles and infrastructures, electrification of transportation and hydrogen blending into the natural gas system; use of LNG; FortisBC’s relationship with Indigenous Peoples; FortisBC’s intention to maintain and strengthen the diversity of FortisBC’s workforce and FortisBC’s safety practices.
The forward-looking information reflects management’s current beliefs and is based on assumptions developed using information currently available to FortisBC’s management. Although FortisBC believes that the forward-looking statements are based on information and assumptions that are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties. For additional information on risk factors that have the potential to affect FortisBC, reference should be made to FortisBC’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and to the heading “Business Risk Management” in FortisBC’s annual and quarterly management discussion and analysis. Except as required by law, FortisBC undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
All forward-looking information in this report and the information incorporated in this report by reference is qualified in its entirety by this cautionary statement.
1Renewable Natural Gas (also called RNG or biomethane) is produced in a different manner than conventional natural gas. It is derived from biogas, which is produced from decomposing organic waste from landfills, agricultural waste and wastewater from treatment facilities. The biogas is captured and cleaned to create RNG. When RNG is added to North America’s natural gas system, it mixes with conventional natural gas. This means we’re unable to direct RNG to a specific customer. But the more RNG is added to the gas system, the less conventional natural gas is needed, thereby reducing the use of fossil fuels and overall greenhouse gas emissions.
2FortisBC uses the term renewable and low-carbon gas to refer collectively to the low-carbon gases or fuels that the utility can acquire under the Greenhouse Gas Reduction (Clean Energy) Regulation, which are: Renewable Natural Gas (also called RNG or biomethane), hydrogen, synthesis gas (from wood waste) and lignin. FortisBC’s renewable and low-carbon gas portfolio currently includes only Renewable Natural Gas. Other gases and fuels may be added to the program over time. Depending on their source, all of these gases have differing levels of lifecycle carbon intensity. However, all of these gases are low carbon when compared to the lifecycle carbon intensity of conventional natural gas. The current burner tip emission factor of RNG is 0.27 grams of carbon dioxide equivalent per megajoule of energy (gCO2e/MJ) and the current renewable and low-carbon gas portfolio lifecycle emissions for stationary combustion are -22 gCO2e/MJ. This is below B.C.’s low carbon threshold for lifecycle carbon intensity of 30.8 gCO2e/MJ as set out in the 2024 Greenhouse Gas Reduction Regulation amendments.
