Vancouver, BC - November 2, 2004 - Plutonic Power Corporation (PCC - TSX.V) is encouraged by a series of announcements made last week during the 2nd Annual Independent Power Producers Conference in Vancouver. Each of BC Hydro and British Columbia Transmission Corporation ("BCTC") made some key announcements and the Government of British Columbia reaffirmed its support and interest in a healthy independent power industry.
BC Hydro's announced on October 28 that it has scheduled an energy call for the spring of 2005 and fall of 2006. Each call is for 1000 gigawatt hours per annum of firm energy. The scheduling of these future calls for energy allows independent power producers ("IPP") to make longer term business plans for future project developments.
BCTC announced an initiative called the Open Access Transmission Tariff ("OATT"). Subject to approval by the BC Utilities Commission the OATT is modeled on electrical industry standards found in the Pacific Northwest and will create a more competitive and business friendly environment that should help facilitate a healthier IPP industry in British Columbia.
The Government of British Columbia has been working to improve the business climate for independent power producers (IPP's) for the last four years. The November 2000 Energy Plan set the policy stage for independent power companies to be successful. Recent changes include partial property tax exemption for the penstock system (the pipe system that carries water from river to turbine systems), exempting penstock materials from sales tax, and the recent signing of a Memorandum of Understanding between the Ministry of Energy and Mines and the Union of British Columbia Municipalities to streamline the permitting process for energy projects.
Plutonic Power is an emerging energy producer in British Columbia. Its proposed 16 projects have a design capacity of over 800 MW and the potential to generate approximately 2,800 GW.h per annum of green energy, enough energy to meet the annual energy needs of a city seven times the size of New Westminster. Included in the 16 projects is the creation of the Green Power Corridor, a series of small-scale hydroelectric projects in southwestern BC, which hold the potential to catapult 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 billion, would be one of the largest ever single private sector investments ever made in British Columbia and would create over 2,400 person-years of employment.
On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
Donald McInnes, President
For additional information please contact:
Office: 604-669-4999 ext 1034
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release