Canadian Hydro's Pingston Plant Meets Commercial Operation
CALGARY, AB -- - Canadian Hydro Developers, Inc. today announced that on May 8, 2003, the 30 MW Pingston Hydroelectric Plant became commercially operational. The Pingston Hydroelectric Plant is located near Revelstoke, B.C. and is owned 50% and operated by Canadian Hydro. The power and green attributes from this plant are sold for 20 years to BC Hydro. "Pingston represents a significant achievement for the Company and will generate predictable, long-term stable cash flow," said John Keating, Chief Executive Officer.
The Company anticipates commencing construction on the 15 MW (7.5 MW net to the Company's interest) Pingston Expansion Hydroelectric Project in Q2 or Q3 2003, once regulatory approvals and debt financing have been obtained. This $4.3 million (net) project involves the installation of a third 15 MW turbine, expansion to the powerhouse, and 600 metres of buried penstock adjacent to the existing 30 MW (15 MW net) Pingston Hydroelectric Plant. Start-up of this expansion is expected at the beginning of Q2 2004. The power and green attributes from the project are sold to BC Hydro for 20 years. The Company is currently arranging for project debt financing for its share of the costs of construction.
Canadian Hydro is a developer, owner and operator of ten "run of river" hydroelectric plants, three wind plants and one natural gas-fired plant, totalling 103.9 MW net to the Company's interest. In addition, other projects in excess of 215 MW are in various stages of permitting for construction in the next five years.
All of the Company's plants and projects are located in British Columbia, Alberta, and Ontario. Canadian Hydro's wind and water plants are certified under the EcoLogo(R) program. All of the Company's future projects, including the Grande Prairie EcoPower(TM) Centre, Pingston Expansion and Upper Mamquam Hydroelectric Projects are slated for certification as low-impact renewable energy facilities.
Canadian Hydro Developers, Inc. is committed to the concept of low-impact power generation. Through its wind and run-of-river hydro facilities, Canadian Hydro is demonstrating that commitment to the benefit of the environment and its shareholders.
Related News
Global CO2 emissions 'flatlined' in 2019, says IEA
LONDON - Despite widespread expectations of another increase, global energy-related CO2 emissions stopped growing in 2019, according to International Energy Agency (IEA) data released today. After two years of growth, global emissions were unchanged at 33 gigatonnes in 2019 even as the world economy expanded by 2.9%.
This was primarily due to declining emissions from electricity generation in advanced economies, thanks to the expanding role of renewable sources (mainly wind and solar), fuel switching from coal to natural gas, and higher nuclear power generation, the Paris-based organisation says in the report.
"We now need to work hard to make sure that 2019…
