• Design capacity of 81 Megawatts
• Expected to generate 280 Gigawatt hours of "green" energy annually
• Project capital costs expected to total $112 million
Vancouver, BC -- April 5, 2005 - Plutonic Power Corporation (PCC -- TSX.V) has successfully completed Stages 1 and 2 towards securing a Water License and Crown Land rights from Land and Water British Columbia, a crown corporation of the Government of British Columbia, for the development of an 81 MW run-of-river hydroelectric power generation project on Europa Creek, near Kemano, British Columbia.
The Europa Creek Project has a design capacity of 81 Megawatts ("MW") and is expected to generate 280 Gigawatt hours of green energy per year ("GW.h"), enough energy to meet the needs for approximately 28,000 homes. Capital costs for the project are expected to be approximately $112 million. A unique feature of the Europa Project is that Europa Creek flows from a large high altitude lake which will act as a water reservoir effectively adding a valuable capacity factor to the project.
Plutonic will need to establish a relationship with Alcan Inc., owner operator of a power generating station and transmission line for access to the electric transmission grid of the British Columbia Transmission Corporation. Subject to financing and permitting, construction on the project could commence in late 2006 and would take about 18 months to complete.
Plutonic Power is an emerging energy producer in British Columbia. Its proposed 17 projects have a design capacity of over 860 MW and the potential to generate approximately 2800 GWh 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 17 projects is the creation of the Green Power Corridor, a series of non-storage hydroelectric projects in southwestern BC, which hold the potential to catapult British Columbia to the forefront of green energy generation in North America. The completion of the Green Power Corridor, at an estimated capital cost of $1 billion, would be through one of the largest ever single private sector energy investments ever made in British Columbia and would create over 2,400 person-years of employment.
Plutonic Power is currently preparing six of its development projects for BC Hydro's fall 2005 call for tender. Plutonic is committed to working with First Nations, stakeholder groups and local communities in the development of its run of river projects. The projects being readied for the call are the East Toba and Montrose Creek Projects, Rainy River, Ruby, Emory, American and Europa Creek. The design capacity of the six projects is 301.5 MW with expected annual energy generation of 1065 GW.h. Capital costs for the six projects are estimated at $435 million and are expected to create 900 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
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