Bishop's Falls Redevelopment Complete

The $68 million Exploits River Hydro Partnership Project involves the redevelopment of Abitibi-Consolidated's hydroelectric plants at Grand Falls-Windsor and Bishop's Falls, Newfoundland to increase annual energy production by approximately 140 gigawatt hours. Construction at the Grand Falls Generating Station, which includes the installation of a 27-megawatt turbine unit, is expected to be completed by year end. Abitibi-Consolidated will continue to use the existing annual generation at its newsprint mill in Grand Falls-Windsor while the additional energy produced will be sold to Newfoundland and Labrador Hydro under a long-term power purchase agreement.

Fortis is a diversified electric utility holding company with assets of $2 billion and annual revenues of more than $715 million. It has holdings in 6 electric distribution utilities located in Newfoundland and Labrador, Prince Edward Island, Ontario, Belize and the Cayman Islands. Fortis also owns 2 subsidiaries engaged solely in electricity generation in upper New York State and Belize. Through its wholly owned, non-utility subsidiary, Fortis has investments in real estate and hotel operations.

Abitibi-Consolidated is a global leader in newsprint, uncoated groundwood papers and lumber with ownership interests in 27 paper mills in Canada, the U.S., the U.K. and Asia (including its interest in Pan Asia Paper) and in 22 sawmills, 1 remanufacturing facility, a market pulp mill and 10 recycling centres. Abitibi-Consolidated employs approximately 16,000 people and supplies products in more than 70 countries.