December 8, 2009 - Financial releases
Montreal, December 8, 2009 – Gaz Métro Limited Partnership (TSX: GZM.UN, "Gaz Métro") announces that the Régie de l’énergie ("Régie") rendered a decision on its rate application for the 2010 fiscal year for the Quebec distribution activity.
The Régie’s decision accepted some of Gaz Métro’s requests and not others. Notably, the Régie did not retain the new model proposed by Gaz Métro as the method for establishing the authorized base rate of return.
Instead, in its decision, the Régie chose to modify certain parameters of the formula presently used to establish the rate of return allowed on Partners’ deemed common equity fixing it at 9.20% for the 2010 fiscal year, an increase over the 8.64% rate of return that the formula applied to date would have produced. The Régie also renewed, effective in fiscal year 2011, the automatic rate of return adjustment formula.
The overall impact of the decision will be quantified in the updated application that will be filed by Gaz Métro on or about December 14, 2009. The Régie will then render its final decision on the tariffs for the 2010 fiscal year.
Gaz Métro Overview
With over $3.3 billion in assets, Gaz Métro is Quebec’s leading natural gas distributor. Operating in this regulated industry for over 50 years, Gaz Métro has become the trusted energy provider to some 180,000 customers in Quebec and 136,000 customers in Vermont while developing the skills and expertise needed to diversify beyond natural gas. Gaz Métro’s prudent growth strategy has been marked by the successful entry into electricity distribution in Vermont and development of wind power projects in Quebec. Offering historically strong and stable distributions with a competitive spirit, Gaz Métro is committed to its customers, Partners, employees and the community. Gaz Métro’s units are listed on the Toronto Stock Exchange under the symbol GZM.UN. www.gazmetro.com
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