Vancouver, BC -- November 3, 2010 -- Plutonic Power Corporation (PCC:
TSX) and GE Energy Financial Services, a unit of GE (NYSE: GE), are
pleased to announce the achievement of substantial completion of the
Toba Montrose hydroelectric project, located near Powell River, BC.
On November 1, 2010, Toba Montrose General Partnership's (TMGP)
contractor (Peter Kiewit Sons Co.) achieved substantial completion on
the Toba Montrose Project and TMGP has assumed full operational control
of the generation and transmission facilities. TMGP's operations team is
fully trained and will be resident in the Toba Valley on a 24/7 basis
to ensure safe, reliable and efficient operations.
All revenues generated from the project will be recorded as sales on
TMGP's earnings statement effective midnight November 1. Prior to this
date, all net sales receipts have been recorded as an adjustment to the
capital cost of the project.
Toba Montrose will generate average net annual energy of 710,000 --
730,000 MWh. Forecast productions will be on a seasonal basis as
Q1 (Jan-Mar) 4%
Q2 (Apr-Jun) 32%
Q3 (Jul-Sept) 52%
Q4 (Oct-Dec) 12%
TMGP has met all of the conditions precedent contained
under the ecoEnergy Renewable Power program. Accordingly TMGP expects to
receive the $10/MWh grant on all energy sales after August 5, 2010.
TMGP is a 60/40 partnership between GE Energy Financial Services and
Plutonic Power in relation to the Toba Montrose hydroelectric project.
The TMGP assets have been constructed on the traditional lands of our
First Nations partners: the Klahoose, Sliammon and Sechelt First
About Plutonic Power Corporation
Plutonic Power identifies, develops and operates clean power projects in
a safe reliable and efficient manner. Plutonic Power strives to be a
Canadian-based leader in clean power. For more information, visit
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally across the capital
spectrum in essential, long-lived and capital-intensive energy assets
that meet the world's energy needs. In addition to capital, GE Energy
Financial Services offers the best of GE's technical know-how,
technology innovation, financial strength and rigorous risk management.
Based in Stamford, Connecticut, the GE business unit helps its customers
and GE grow through new investments, strong partnerships and
optimization of its $21 billion in assets. For more information, visit www.geenergyfinancialservices.com.
GE (NYSE: GE) is a diversified infrastructure, finance and media company
taking on the world's toughest challenges. From aircraft engines and
power generation to financial services, health care services and
solutions, and television programming, GE operates in more than 100
countries and employs about 300,000 people worldwide. For more
information, visit the company's Web site at www.ge.com.
Director, Investor Relations
The TSX Exchange does not accept responsibility for the adequacy or
accuracy of this release. Caution Regarding Forward-Looking Statements -
This news release contains certain forward-looking statements,
including statements regarding the business and anticipated financial
performance of the Company. These statements are subject to a number of
risks and uncertainties. Actual results may differ materially from
results contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and should not place undue reliance on such forward-looking statements.
The Company does not undertake to update any forward looking statements,
oral or written, made by itself or on its behalf.