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.
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.
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.
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.
The transaction would happen in two steps:
- Corix Utilities and Fortis BC will transfer all their interests in Dockside Green Energy to Vancity and Dockside Green LP (Vancity subsidiary).
- 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.
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.
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