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Plutonic Power Posts Performance Security to BC Hydro to Execute Energy Purchase Agreements


Company poised to become the largest independent renewable power developer in BC

Vancouver, BC - August 30, 2006 - Plutonic Power Corporation has signed two Energy Purchase Agreements with BC Hydro for the supply of approximately 752 gigawatt hours (GW.h) of electricity per year to BC Hydro over a 35 year term. The EPAs are for the delivery of energy from the East Toba River/Montrose Creek and Rainy River Projects. The company has also posted a $12.66 million Performance Security letter of credit required to execute the EPAs.

The two run-of-river hydroelectric projects (the East Toba River and Montrose Creek Project and Rainy River Project) have total design capacity of 211 megawatts (MW). Combined, the projects have an estimated capital cost of $500 million and will create over 300 full-time jobs over a three-year construction period. This represents the largest private sector renewable energy investment in the history of British Columbia, with the potential to generate approximately $60 - 70 million annually in revenue for Plutonic Power.

The 196 MW East Toba River and Montrose Creek Project is located at the headwaters of the Toba Inlet north of Powell River, British Columbia and is expected to produce enough electricity to meet the annual energy needs of over 75,000 homes. The 15 MW Rainy River Project is located in Howe Sound, 10 km north of Vancouver, and could produce enough electricity for over 5,000 homes.

About Plutonic Power Corporation
Plutonic Power is an emerging renewable energy producer in British Columbia. Its proposed 19 projects have a design capacity of over 870 MW and the potential to generate approximately 2,900 GWh per annum of green energy - enough energy to meet the annual energy needs of approximately 300,000 homes. Included in the 19 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 would create over 2,400 person-years of employment.

On behalf of the Board of Directors



Donald McInnes, President

Lisa May
Investor Relations
Office: 604-669-4999 ext 1034
Cell: 604-314-3362

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