VANCOUVER, BC: The Board of Directors of Plutonic Power Corporation. (PCC -- TSXV) is pleased to announce that Plutonic has submitted the first two of its run of river Green Power Corridor Projects into the Environmental Assessment Permitting Process ("EAO").
The EAO Office has issued a Section 10 order that binds the two projects to the Environmental Assessment Act. The submission to the EAO is for the construction of a 145 kilometer long transmission line and two run of river green hydroelectric projects; the 120 Megawatt ("MW") East Toba River Project and the 50 MW Montrose Creek Project. Submission of the projects for review under the EAO process is the next step in advancing the transmission line and two projects towards securing an energy purchase agreement.
Plutonic Power is an emerging energy producer in British Columbia. Its proposed 15 projects have a design capacity of over 800 MW and the potential to generate approximately 2,800 Gigawatt hours ("GW.h") per annum of green energy, which is enough energy to meet the annual needs of a city seven times the size of New Westminster. Included in the 15 projects is the creation of the Green Power Corridor, an area that holds the potential to leap-frog British Columbia to the forefront of green energy generation in North America. Completion of the Green Power Corridor, at an estimated capital cost of $1.2 billion, would be one of the largest single private sector electrical generation investments made in British Columbia and would create over 1600 man-years of employment.
The East Toba and Montrose Projects are designed to generate 595 GW.h, of green energy per year which is enough energy to meet the annual needs of 60,000 homes or over one hundred 20 -- 25 story office buildings. Capital costs for the two projects including the transmission line are expected to be approximately $250 million. Subject to financing and permitting, construction of the projects could commence as early as 2006 and would take 24 -- 30 months to complete. Revenue for the two projects calculated with a 40% utilization factor and using BC Hydros last contracted price for independently produced power, $55/MW.h, is estimated to be approximately $32.7 million per year.
The East Toba River and Montrose Creek Projects have been optimized with installed electrical generation capacities of 120 MW and 50MW and assuming a 40% utilization factor, should respectively generate approximately 420 GW.h and 175 GW.h of green clean energy per annum.
The projects were chosen for a variety of efficient features including locations above waterfalls, high head/high flow drainage basins, large glacial areas contributing to runoff (especially in the summer and fall), potentially non-fish bearing river reaches and favorable points of interconnection to the grid.
Interconnection of the two projects to the BC Transmission Corporation (BCTC) Grid is planned for a location on the northeast side of Jervis Inlet where a new substation would be built at Saltery Bay. From the substation a 230 kV transmission line would extend in a roughly northward direction to the top of Toba Inlet, then northeast to the proposed power-house locations for the generating plants for the two projects. A centerline transmission route study has been completed and construction of the transmission line has been engineered to utilize to the greatest extent possible an extensive preexisting network of logging roads that cover the proposed corridor. Preliminary studies suggest that most of the transmission route can be completed using wooden poles. See the attached map for the location of the two projects and proposed transmission line routing or visit the Plutonic website at http://www.plutonic.ca.
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For further information on Plutonic Power call:
Donald McInnes, President 604-669-4999
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