AES Subsidiary Signs 30-Year Agreement to Provide Electricity in British Columbia.ARLINGTON, Va. -- The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange :AES) today announced that its Canadian subsidiary AESWapiti Energy Corporation (AESWapiti) has signed a power purchase agreement with BC Hydro BC Hydro and Power Authority is one of the largest electric utilities in Canada, serving more than 1.7 million customers[2] in an area containing over 94 per cent of British Columbia's population is mandated to provide, "reliable power, at low cost, for generations. Corporation for the AESWapiti 184 MW power generation project which is expected to be built northeast of Tumbler Ridge in northeastern British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography (BC), Canada. The agreement has a term of thirty years beginning in 2010. AESWapiti is developing the new coal and biomass powered plant and a 35 kilometer 230Kv power transmission line. The project also includes development and operation of a thermal coal mine by Hillsborough Resources Limited Hillsborough Resources Limited is a coal mining company that operates the Quinsam underground thermal coal mine near Campbell River, British Columbia serving the local and west-coast U.S. cement industry, and the Crossville underground coal mine in Tennessee, U.S. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :HLB HLB Hong Leong Bank HLB Hydrophilic-Lipophilic Balance HLB Horton Lees Brogden Lighting Design (company with studios in New York, San Francisco, Los Angeles, and Boston) HLB Hotels Licensing Board (Singapore) ). Hillsborough Resources Limited will be the exclusive supplier of coal to the project. The power plant will be located at Hillsborough's Wapiti wapiti (wŏp`ĭtē), large North American deer, Cervus canadensis, closely related to the Old World red deer. It is commonly called elk in America although the name elk is used in Europe to refer to the moose. thermal coal property near Tumbler Ridge where it will be fueled by thermal coal from the Wapiti property and by up to 20% bio-mass from local forestry waste. The estimated cost of the power plant is US$450 million. The project is now undergoing review through the BC regulatory review, which includes filing the power purchase agreement with the British Columbia Utilities Commission for approval. AESWapiti has started the Environmental Assessment process and is holding information meetings regarding the project in a number of northeastern BC communities. Construction is expected to begin in late 2007, after the project receives all necessary approvals from the Utilities Commission and the Environmental Assessment Office. Mine development will begin one year prior to the opening of the power generation facility, expected in 2010. About AES AES is one of the world's largest global power companies, with 2005 revenues of $11 billion. With operations in 26 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. Our 14 regulated utilities amassed 2005 annual sales of over 82,000 GWh and our 122 generation facilities have the capacity to generate approximately 44,000 megawatts. Our global workforce of 30,000 people is committed to operational excellence and meeting the world's growing power Growing Power is an urban agriculture organization headquartered in Milwaukee, Wisconsin. It runs the last functional farm within the Milwaukee city limits and also organizes activities in Chicago. needs. To learn more about AES, please visit www.aes.com or contact AES media relations at media@aes.com. About Hillsborough Hillsborough Resources Limited is a coal mining company that operates the Quinsam underground thermal coal mine in Campbell River, British Columbia Campbell River is a city in British Columbia on the east coast of Vancouver Island at the south end of Discovery Passage. Campbell River claims a population (2006 census) of 29,572 and has long been known as the salmon capital of the world. , serving the local and west-coast U.S. cement industry. Near Tumbler Ridge in northeast B.C., Hillsborough has substantial metallurgical coal properties under development including the Horizon mine project, and is developing the Wapiti thermal coal mine to be the exclusive supplier commencing in 2010 for the power generation plant to be constructed and operated on the property by AESWapiti Energy Corporation. Hillsborough also holds the Bingay Creek metallurgical coal property located in the Elk Valley region of Southeast British Columbia. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Disclosure This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES's current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, continued normal levels of operating performance and electricity demand at our distribution companies and operational performance at our contract generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience. Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES's filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES's 2005 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Investors and other interested parties are encouraged to read AES's filings to learn more about the risk factors associated with AES's business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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