Gaz Métro happy with natural gas distribution system financing announced in Québec’s 2015-2016 budget
By Gaz Métro
March 26, 2015 - Gaz Métro is delighted with the measures announced by Québec's Minister of Finance, Carlos Leitao.
By Gaz Métro
Among other things, he announced $38 million to make natural gas available in certain regions, including the Bellechasse region. The measure will enable the Government of Québec to finance up to 50 per cent of the project to extend the natural gas distribution system, in addition to the amounts paid by the distributor in accordance with the criteria approved by the Régie de l’énergie.
“We are extremely happy with this announcement because several regions have fervently and long hoped for access to natural gas, which would make their businesses and public and industrial institutions more competitive and greener through the substitution of more polluting forms of energy such as propane and fuel oil. Regional players also consider natural gas availability a key economic development factor for attracting new businesses and retaining existing companies,” stated Stéphanie Trudeau, vice-president, strategy, communication and sustainability at Gaz Métro.
Gaz Métro also commends the tax measure, which calls for an accelerated capital cost allowance for investments in natural gas liquefaction processes.
Last fall, Gaz Métro and the Government of Québec announced a project to triple the liquefaction capacity of Gaz Métro’s liquefaction, storage and regasification (LSR) plant by way of Investissement Québec’s financial participation in Gaz Métro LNG. This additional capacity will help meet growing demand for liquefied natural gas by 2016 through service to Québec-based businesses and transporters such as the Société des traversiers du Québec, Transport Robert and the Stornoway mine.
About Gaz Métro
With more than $6 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 195,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Gaz Métro is actively involved in the development and operation of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations and communities while also satisfying the expectations of its Partners (Gaz Métro inc. and Valener) and employees. www.gazmetro.com