You are herePlutonic and GE Achieve Substantial Completion of Toba Montrose Hydroelectric Power Project in BC
Plutonic and GE Achieve Substantial Completion of Toba Montrose Hydroelectric Power Project in BC
Press Release, Plutonic Power Corp., November 3, 2010
Vancouver, BC -- November 3, 2010 -- Plutonic Power Corporation (PCC: TSX) and GE Energy Financial Services, a unit of GE (NYSE: GE), are pleased to announce the achievement of substantial completion of the Toba Montrose hydroelectric project, located near Powell River, BC.
On November 1, 2010, Toba Montrose General Partnership's (TMGP) contractor (Peter Kiewit Sons Co.) achieved substantial completion on the Toba Montrose Project and TMGP has assumed full operational control of the generation and transmission facilities. TMGP's operations team is fully trained and will be resident in the Toba Valley on a 24/7 basis to ensure safe, reliable and efficient operations.
All revenues generated from the project will be recorded as sales on TMGP's earnings statement effective midnight November 1. Prior to this date, all net sales receipts have been recorded as an adjustment to the capital cost of the project.
Toba Montrose will generate average net annual energy of 710,000 -- 730,000 MWh. Forecast productions will be on a seasonal basis as follows:
Q1 (Jan-Mar) 4%
Q2 (Apr-Jun) 32%
Q3 (Jul-Sept) 52%
Q4 (Oct-Dec) 12%
TMGP has met all of the conditions precedent contained under the ecoEnergy Renewable Power program. Accordingly TMGP expects to receive the $10/MWh grant on all energy sales after August 5, 2010.
TMGP is a 60/40 partnership between GE Energy Financial Services and Plutonic Power in relation to the Toba Montrose hydroelectric project. The TMGP assets have been constructed on the traditional lands of our First Nations partners: the Klahoose, Sliammon and Sechelt First Nations.
About Plutonic Power Corporation
Plutonic Power identifies, develops and operates clean power projects in a safe reliable and efficient manner. Plutonic Power strives to be a Canadian-based leader in clean power. For more information, visit www.plutonic.ca.
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally across the capital spectrum in essential, long-lived and capital-intensive energy assets that meet the world's energy needs. In addition to capital, GE Energy Financial Services offers the best of GE's technical know-how, technology innovation, financial strength and rigorous risk management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong partnerships and optimization of its $21 billion in assets. For more information, visit www.geenergyfinancialservices.com.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care services and solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Director, Investor Relations
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release. 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.