Plutonic Power sells Rainy River and Hope Projects to AltaGas Income Trust


Deal refocuses Plutonic's energy on the development of the Green Power Corridor

Vancouver, BC -- February 13, 2008 -- Plutonic Power Corporation (PCC-TSX) announced today that it has closed a transaction with Calgary-based AltaGas Income Trust ("AltaGas") (ALA.UN-TSX) for the sale of the Rainy River and Hope-area run of river development projects, in an effort to refine its focus on the development of the "Green Power Corridor" projects in the Toba, Bute and Knight Inlets along the southwest coast of BC.

"As construction progresses on our East Toba River/Montrose Creek run-of-river project and as we move towards the development of our Upper Toba and Bute projects in the Green Power Corridor, with more than 1,000 megawatts (MW), we felt it prudent to focus our efforts on this undertaking and divest ourselves of our smaller development assets," said Donald McInnes, Vice-Chairman and CEO of Plutonic Power. "We do believe that the Rainy River and Hope projects have significant future potential and will be a valuable addition to AltaGas' green energy development portfolio in British Columbia."

The transaction involves the sale of all hydrological and environmental data and engineering and permitting work completed over the last four years as well as the water license and attendant land tenure applications for the projects. Combined, the five projects represent a potential generating capacity of approximately 50 megawatts.

About Plutonic Power Corporation
Plutonic Power's vision is to provide leadership and create a legacy through the development of renewable, reliable, made-in-BC clean energy. Its proposed 29 development projects, including the flagship $660 million, 196 MW East Toba River/Montrose Creek run-of-river project currently under construction, have the potential to generate enough energy to meet the annual needs of about 530,000 homes and create approximately 5,000 person years of employment. Once the built, the Green Power Corridor could offset an estimated 3.5 million tons of CO2 emissions every year - the equivalent to taking as many as 600,000 vehicles off the road. Plutonic is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all its run-of-river projects. By developing its suite of projects, Plutonic Power will help British Columbia realize its goal of becoming electricity self-sufficient by 2016, meet demand utilizing 90% clean domestic generation sources and will play a significant role in the fight against climate change.

For additional information please contact:
Lisa May
Investor Relations
Office: 604-669-4999 ext 1034
Cell: 604-314-3362