HALIFAX, N.S., Canada — One of Canada’s largest gas utilities has paid out about $100 million to buy 27 hvac dealers across the country — and now faces losses of $2 million per month.
Within 18 months of its formation, things began to go sour. Westcoast recently announced a loss by Union Energy of $13 million for the first six months of the year, compared with a loss of $6 million for the same period of 1998.