TransCanada: Kibby Wind Power Project Receives LURC Approval
CALGARY, ALBERTA--(Marketwire - July 9, 2008) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that the Kibby Wind Power Project has received unanimous final development plan approval from Maine's Land Use Regulation Commission (LURC). Construction plans are now underway for the 132 Megawatt (MW) wind project located in Kibby and Skinner Townships in northwestern Franklin County, Maine.
"The Kibby project will complement our existing operations in the U.S. Northeast, and leverage our expertise in wind energy," says Hal Kvisle, president and chief executive officer. "We expect our investment to produce strong returns for our shareholders."
The project will involve the construction of 44 wind turbine generators (3 MW each), and will employ up to 250 people during the 12 to 18 month construction period. Permanent operation and maintenance efforts will employ approximately 10 to 12 people. The capital cost of the project is approximately US $320 million.
The Kibby Wind Power Project will be the largest wind power development in New England, providing enough clean, renewable electricity for the equivalent of 50,000 average Maine homes. It will also support Maine's twin goals of energy independence and greenhouse gas reduction, while helping to stabilize regional electricity costs.
Electricity generated from the facility will be sold to customers through a combination of short and long-term contracts. TransCanada has already sold a portion of the power and renewable energy credits to buyers in the New England market.
The project recently received approval from the Towns of Carrabassett Valley and Eustis for portions of the 115 kV transmission line that will connect the project to the ISO New England electrical grid. The Maine Department of Environmental Protection has issued all necessary project permits and the United States Army Corps of Engineers is expected to issue a permit soon.
TransCanada will continue to work with regulatory agencies and local communities to meet all conditions of approval and ensure impacts are minimized. Pending all remaining approvals, TransCanada expects to begin construction later in the summer of 2008 and to commission the project in 2009/2010.
To obtain more information, please visit www.transcanada.com/kibbywindpower.
With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas pipelines, power generation, gas storage facilities, and projects related to oil pipelines and LNG facilities. TransCanada's network of wholly owned pipelines extends more than 59,000 kilometres (36,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 355 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, controls or is developing approximately 8,300 megawatts of power generation. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Note: All financial figures are in Canadian dollars unless noted otherwise.
This news release may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward looking information. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy industry sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and the current economic conditions in North America. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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