Calgary, Canada – April 23, 2001 – Canadian Hydro Developers, Inc. (TSE:KHD) is pleased to announce that construction of its 30 Megawatt Pingston hydroelectric project in southeastern BC has reached a significant milestone.
The tunnel contractor commenced drilling of the 4 kilometre tunnel April 18, 2001. The tunnel is a complex undertaking and will take approximately 12 months to complete. While the tunnel is being driven, construction of the powerhouse, intake and transmission interconnection will also move forward. Design of the headpond, weir and intake is complete and out for bid. Turbine/generation equipment has been ordered and is set for delivery in early 2002. Site works including roads, penstock grading and clearing is essentially complete.
The Pingston Hydroelectric Project represents a $45 million capital investment and will provide an estimated 127 construction jobs. Electricity generation from the project will be sufficient to provide power to approximately 20,000 homes.
J. Ross Keating, President and Chief Operating Officer of Canadian Hydro, is quoted as saying, "We are pleased with the progress to date on the Pingston project and anticipate that commissioning of this fast-tracked project will take place on schedule during July 2002."
The Pingston project is being developed by Canadian Hydro in conjunction with its 50% joint venture partner, Great Lakes Power Inc. The energy to be generated from this "run-of-river" project will be marketed by Maclaren Energy Inc., a subsidiary of Great Lakes Power. It is anticipated that the power could be sold into Alberta or the Pacific northwestern states. As both these markets are short of capacity, the pricing is very attractive.
Canadian Hydro and Great Lakes Power are committed to the concept of low-impact power generation. Through wind, run-of-river hydro, and gas-fired facilities, both companies are demonstrating that commitment to the benefit of the environment and their shareholders. |
