STOCK SYMBOL: GLH.UN/TSX
GATINEAU, QC, July 6 /CNW Telbec/ - Great Lakes Hydro Income Fund today
announced the completion on July 4, 2006 of the acquisition of the Carmichael
Falls Generating Station (the "facility") from Brookfield Power for a purchase
price of C$52.5 million. Brookfield Power owns 50.1% of Great Lakes Hydro
Income Fund.
The acquisition, which was effective July 1, 2006, includes a 20 megawatt
hydroelectric facility with an annual long-term average generation of
approximately 86 gigawatt hours. All of the power produced by this facility is
sold under a long-term power purchase agreement with the Ontario Electricity
Financial Corporation.
For more information on the facility and the power purchase agreement
visit:
http://www.greatlakeshydro.com/hydroOperations/hydroOperations_ontario.cfm
About Great Lakes Hydro Income Fund
Great Lakes Hydro Income Fund is a premier Canadian income fund and one
of the largest power income funds in North America with 1,015 megawatts of
power generating capacity and an average annual production of 3,874 gigawatt
hours.
Great Lakes Hydro Income Fund produces electricity exclusively from
environmentally friendly hydroelectric resources. The Fund owns, operates and
manages 26 high quality hydroelectric generating stations located on eight
river systems in four distinct geographic regions across North America:
Quebec, Ontario, British Columbia and New England.
Brookfield Power, which comprises the majority of the power operations of
Brookfield Asset Management, owns 50.1% of the Fund's outstanding units. Great
Lakes Hydro Income Fund units are listed for trading on the Toronto Stock
Exchange under the symbol GLH.UN.
Forward-Looking Statements
This new release may contain forward-looking statements concerning the
Great Lakes Hydro Income Fund ("Fund") business and operations. Forward
looking statements can be identified by the use of words, such as
"long-term", "should", "will", "expected", or variations of such words and
phrases or state that certain actions, events or results "will" be taken,
occur or be achieved. Forward looking statements involve assumptions, known
and unknown risks, uncertainties and other factors which may cause the actual
results or performance to be materially different from any future results or
performance expressed or implied by the forward statements. More details
relating to risk factors can be found in the Fund's annual information form in
the section entitled Risk Factors.
Examples of such statements include, but are not limited to factors
relating to production and the business, financial position, operations and
prospects for the Fund. They include (1) the Fund's level of generation;
(2) the Fund's cost of production; (3) interest rates as they bear on the
Fund's indebtedness; (4) planned capital expenditures; (5) the impact of
changes in the Canadian dollar - U.S. dollar on the Fund's costs and results
of operations; the negotiation of collective agreements with its unionized
employees; (6) business and economic conditions; (7) the legislation governing
air emissions, discharges into water, waste, hazardous materials and workers'
health and safety as well as the impact of future legislation and regulations
on expenses, capital expenditures and restrictions on operations;
(8) regulatory investigations, claims, lawsuits and other proceedings; and
(9)reliance on the guaranteed price for electricity by Brookfield Power Inc.
Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied in the forward-looking statements
contained herein, and as a such, you are cautioned not to place undue reliance
on these forward-looking statements.
These forward-looking statements represent our views as of the date of
this news release. While the Fund anticipates that subsequent events and
developments may cause the Fund's views to change, the Fund disclaims any
obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing the Fund's views as of
any date subsequent to July 6, 2006, the date of this news release.
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