In November 1997, Veresen began trading on the Toronto Stock Exchange. In January 2013, we celebrated our 15th year as an organization. We’re proud of our history and achievements and look forward to continue creating value for our shareholders.
Watch our 15 Year Anniversary Video
A snapshot of our key milestones:
1997 Fort Chicago was formed to purchase a 26% interest in the Alliance Pipeline, 3,000-kilometre natural gas pipeline from northeastern British Columbia to a delivery point near Chicago, Illinois, and Aux Sable, a natural gas liquids extraction facility near Chicago.
1999 In early 1999, the Alliance Pipeline and Aux Sable Facilities were given the regulatory go-ahead after a series of hearings, environmental reviews, landowner consultations and other key approvals. Construction began on May 17 when crews laid out the first sections of steel pipe for the mainline system.
2000 Commercial operations of the Alliance Pipeline and Aux Sable started on December 1, 2000.
2002/2003 We increased our ownership interest in the Alliance Pipeline to 50% and in Aux Sable to 43%.
2004 In December, we acquired the Alberta Ethane Gathering System, building on our existing asset base, providing additional diversity and adding a new source of stable cash flow. AEGS is a 1,324-kilometre pipeline that transports pure ethane from various Alberta ethane extraction plants to major petrochemical complexes located near Joffre and Fort Saskatchewan, Alberta.
2005 We acquired a 20% interest in Pristine Power and entered the power business with an investment in the East Windsor Cogeneration Facility.
2007 In August, we acquired Countryside Power Income Fund. Included in this acquisition were two gas-fired facilities in California (Ripon and San Gabriel), district energy systems in London, Ontario and Charlottetown, Prince Edward Island and a gas-fired cogeneration facility in London, Ontario
2008 We acquired the Brush II Generation Facility in September, a natural gas fired combined cycle power generation facility located in Colorado. In December, we started commercial operations at our London Cogeneration Facility.
2009 Commercial operations commenced at the East Windsor Cogeneration Facility in November.
2010 In August, we acquired Swift Power, a company engaged in the development of run-of-river hydroelectric power projects. In November, we acquired Pristine Power, an electricity power developer in British Columbia and Ontario.
2011 We completed our conversion to a corporation and changed our name to Veresen. In February, we acquired interests in a portfolio of run-of-river hydroelectric facilities and development projects in British Columbia from ENMAX Corporation. In late 2011, we announced our acquisition of the Hythe/Steeprock gas gathering and processing complex from Encana — the single largest asset acquisition in the history of our company.
2012 In March, Veresen started operations of the Grand Valley I and II wind projects in Ontario, our first renewable wind project.
2012 The York Energy Centre (YEC) started operations in May 2012. The YEC is a 400 MW gas-fired peaking facility located in the township of King, Ontario.
2014 In September, Veresen announced the acquisition of a 50% convertible preferred interest in the Ruby Pipeline for US$1.425 million. Ruby is a 680-mile, 42-inch natural gas transmission system delivery U.S. Rockies natural gas production to the western United States.
In early December, Veresen sold three gas-fired facilities in the United States — Ripon and San Gabriel in California and Brush II in Colorado.
On December 22, Veresen announced the formation of a new entity, Veresen Midstream, which will be owned equally by Veresen and affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), a global investment firm. Veresen Midstream entered into definitive agreements to acquire certain natural gas gathering and compression assets supporting Montney development in the Dawson area of northeastern British Columbia from Encana and the Cutbank Ridge Partnership (“CRP”). CRP is a partnership between Encana and Cutbank Dawson Gas Resources Ltd., a subsidiary of Mitsubishi Corporation. Veresen Midstream also agreed to undertake up to $5 billion of new midstream expansion for Encana and CRP in the Montney region under a 30-year fee-for-service arrangement.