Canadian Hydro Updates Status of Wind Plants
Friday February 28, 3:11 pm ET
CALGARY, ALBERTA--(TSX: KHD - News): Canadian Hydro Developers, Inc. today announced an update on the status of the 26 MW Cowley North and Sinnott Wind Plants, which were temporarily removed from service on December 6, 2002. On December 14, 2002, 16 of 20 turbines were returned to service after inspection by Nordex. As of mid-February 2003, all but two turbines have been returned to service. The Company expects one more turbine to be returned to service in mid-March 2003, and the final turbine to be returned to service in mid-April 2003. Revenue loss during this period, cost of repairs to the damaged turbine, and costs relating to the replacement parts will be covered by Nordex in accordance with their 5-year warranty on these 20 turbines. Therefore, no material impact on revenues or earnings is anticipated.
The cause of the gearbox damage continues to be investigated by representatives from Nordex and the gearbox manufacturer. Once the investigation has been completed, Nordex, in conjunction with the gearbox manufacturer and Canadian Hydro, will then decide if any further actions are required. This investigation will be concluded as soon as reasonably possible.
Canadian Hydro is a developer, owner and operator of thirteen generating facilities: nine "run of river" hydroelectric plants, three wind plants and one natural gas-fired plant, totalling 88.9 MW net to the Company's interest. In addition, the Pingston Hydroelectric Plant is currently under construction and in excess of 250 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® program.
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. |
