Plutonic Power Submits 914 MW Bute Inlet Hydroelectric Project Into the Environmental Permitting Process
VANCOUVER, BRITISH COLUMBIA–(April 22, 2008) – Plutonic Power Corporation (TSX:PCC) is pleased to announce that it has submitted its Bute Inlet Hydroelectric Project (“Project”) into the Environmental Assessment Process. The Environmental Assessment Office (“EAO”) has issued a Section 10 order that binds the project to the Environmental Assessment Act.The Project proposal submitted to the EAO is for the construction of 18 run-of-river generating facilities, organized into three interconnected groups. Eight of the facilities will be located in or near the Homathko River system, seven in the Southgate River system and three in the Orford River system. The projects have an estimated combined generation capacity of 914 megawatts (MW) and the potential to annually generate approximately 3,000 gigawatt-hours (GWh) of electricity and offsetting approximately 2 million tonnes of CO2 emissions per year.
The current Project configuration is to interconnect each group of facilities with a 230 kilovolt (kV) transmission line to a substation near the mouth of the Southgate River. From the substation the electricity will be carried by a 360kV transmission line to one of two points of interconnection to the BC grid, one at the Malaspina substation near Earl’s Cove or one at the Campbell River substation. The preferred transmission route has not yet been selected. Ultimate Project design and configuration including access roads and related infrastructure will be determined in conjunction with First Nation and local community consultation, interconnection studies and upon completion of consultation with the appropriate Federal, Provincial and local governmental authorities on environmental, social and electrical impacts.
“The Bute Inlet Project facilities are the next step in the fulfillment of the vision of the Green Power Corridor, which will help move BC away from relying on non-renewable imported electricity,” said Plutonic Power Vice-Chair and CEO Donald McInnes. “By choosing to develop a 360kV transmission line instead of a lesser capacity, we are planning ahead to address the potential of accommodation of future projects, therefore minimizing the number of future transmission corridors.”
Subject to permitting and feasibility studies currently underway, Plutonic intends to submit this Project into BC Hydro’s upcoming Clean Power call for tender. The company expects to submit its formal application to the Environmental Assessment office in 2009 and to complete the permitting process for the Bute Inlet project in 2010.
About Plutonic Power Corporation
Plutonic Power’s vision is to provide leadership and create a legacy through the development of renewable, reliable, made-in-BC clean energy. Its proposed Green Power Corridor, comprised of 40 facilities, including the flagship $660 million, 196 MW East Toba River/Montrose Creek run-of-river project currently under construction, have the potential to generate enough electricity to meet the annual needs of about 630,000 homes and create approximately 5,500 person years of employment. Once built, the Green Power Corridor could offset an estimated 4 million tons of CO2 emissions every year – the equivalent to taking as many as 650,000 vehicles off the road. Plutonic is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all its run-of-river projects. By developing its suite of projects, Plutonic Power will help British Columbia realize its goal of becoming electricity self-sufficient by 2016, meet demand utilizing 90% clean domestic generation sources and will play a significant role in the fight against climate change.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Plutonic Power Corporation
Office: (604) 669-4999
(604) 682-3727 (FAX)
Email: [email protected]
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