About the Proposed Dockside Green Energy Acquisition

Corix Multi-Utility Services (an affiliate of Corix Utilities) will be applying to the Commission to acquire all Dockside Green Energy Assets.

Background

Dockside Green Energy provides energy service to customers at Dockside Green. Commissioned in 2008, rates were set under the original rate schedule approved by the British Columbia Utilities Commission (BCUC). 

Vancity, Fortis BC, and Corix Utilities currently own Dockside Green Energy through a partnership and Corix Utilities has operated the utility since inception.

 

 

The Proposed Transaction

Slower than anticipated development at Dockside Green, and issues with the biomass energy system have resulted in Dockside Green Energy operating at a loss.

Corix Multi-Utility Services (an affiliate of Corix Utilities) will be applying to the BCUC to acquire all Dockside Green Energy assets. If the sale is approved, there will be no change in the level of service or rates due to the sale of the assets, and Corix will continue to be regulated by the BCUC.

 

 

Why is the Sale Happening?

In 2017, Bosa Development (Dockside Holdings) Ltd. acquired all the undeveloped lands at Dockside Green from Dockside Green LP (a subsidiary of Vancity). Vancity now wishes to exit the utility business and, under the proposed utility restructuring, Corix is interested in acquiring the utility and continuing operations.

 

 

Who is Corix Utilities?

Corix is a Vancouver-based company with extensive expertise in the design, construction, and operation of innovative energy, water, and wastewater systems. Corix delivers safe, cost-effective and sustainable water, wastewater, and energy utility infrastructure solutions to communities in 20 states and three provinces across North America.

 

 

Transaction Details

The transaction would happen in two steps:

  1. Corix Utilities and Fortis BC will transfer all their interests in Dockside Green Energy to Vancity and Dockside Green LP (Vancity subsidiary).
  2. Corix Multi-Utility Services acquires all Dockside Green Energy assets for $1.00

All existing debt held by Dockside Green Energy will be retired. Vancity (through Dockside Green Energy) will provide Corix with a one-time $1 million payment to cover revenue shortfalls until future build-out at Dockside Green is sufficient to recover the utility’s allowed cost of service.

 

 

What to Expect Following the Sale

If the sale is approved, there will be no change in the level of service or rates due to the sale of the assets, and Corix will continue to be regulated by the BCUC.


Corix intends to replace the existing single natural gas boiler in the central energy facility with two (2) new natural gas boilers, increasing plant efficiency, service reliability, and resiliency. The boiler replacement project will require an application to and approval by the BCUC.

As the utility’s load increases with future development, there may be the opportunity to re-power the biomass energy system and, if a future re-powered biomass system proves financially viable, the utility would make an application to the Commission to initiate such a project.

 

 

Benefits From the Proposed Sale

  • Corix has had partial ownership of the Utility since commissioning
  • Corix has operated the system since commissioning
  • Ensures long term viability of utility and energy service to Dockside Green
  • Facilitates needed investment in utility plant and equipment
  • Increases system reliability and keeps customer rates affordable
  • Provides a path forward for transitioning to a lower carbon energy system if and when it is financially viable in the future

 

 

How to Participate in the BCUC Review Process

Once Corix has filed an application with the British Columbia Utilities Commission for the proposed asset transfer, customers will be notified the application has been made.

Once the application is filed, customers can access and review all the material filed on the BCUC Current Proceedings page.

This is a public process and as customers of the utility you can register and participate in the review process at http://www.bcuc.com/get-involved/.

If after reviewing the materials you have any comments or questions you can also contact us directly at:

Corix Public Relations
publicrelations@corix.com
1-877-232-2128

 

 

Dockside Green Plant