Business
Capital Power announces joint venture for Genesee 4 & 5, commercial operations at Port Dover & Nanticoke wind facility and capital cost reduction at Shepard Energy Centre
Company also reviews outlook for 2014 EDMONTON , Dec. 5, 2013 /CNW/ - At its an...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\nCompany also reviews outlook for 2014 \n\n\nEDMONTON, Dec. 5, 2013 /CNW/ - At its annual Investor Day conference in\n Toronto today, Capital Power Corporation (TSX: CPX) (\"Capital Power\" or\n \"the Company\") announced a number of positive corporate developments.\n The Company also provided financial and other targets for 2014.\n\n\nDevelopment agreement with ENMAX Corporation (ENMAX) for Genesee 4 & 5\nCapital Power and ENMAX have executed a Letter of Intent to pursue joint\n venture agreements to develop, construct, own and operate the Genesee 4\n & 5 facility.  Agreements are expected to be completed in the first\n quarter of 2014.\n\n\nThe proposed Genesee 4 & 5 will be a natural gas-fired combined cycle\n generation facility that will be built on a site near Capital Power's\n Genesee facility west of Edmonton, Alberta.  Genesee 4 & 5 will be\n utilizing the latest state-of-the-art high efficiency gas turbine\n technology and will have a generation capacity of up to 1,050\n megawatts.\n\n\nCapital Power will lead the construction of the project and will be the\n operator of the facility. Construction of the project is expected to be\n completed between 2018 and 2020 when additional generation is required\n to meet growing demand and to replace generation from the retirement of\n coal-fired units in the province.\n\n\n\"I'm excited about the prospect to have ENMAX as our partner in the\n Genesee 4 & 5 facility in Alberta,\" said Brian Vaasjo, President and\n CEO of Capital Power.  \"This agreement builds on a similar partnership\n that we have on the Shepard Energy Centre and reinforces our leadership\n position in the attractive Alberta market.\"\n\n\nPort Dover & Nanticoke wind facility begins commercial operations\nOn November 7, 2013, the Port Dover & Nanticoke wind project in Ontario\n began commercial operations. The 105-megawatt wind facility was\n completed on time and under its $340 million budget, with final\n construction costs expected to be approximately $315 million.  The Port\n Dover & Nanticoke wind project was awarded a 20-year power purchase\n agreement in April 2010 with the Ontario Power Authority (OPA), as part\n of the OPA's Feed-in-Tariff (FIT) program.  The contracted price for\n power at commercial operations is $144 per megawatt hour an...