Brascan Power Receives Approval To Proceed With C$85 Million Transmission Line Upgrade In Northern Ontario.Business Editors TORONTO--(BUSINESS WIRE)--April 7, 2004 Brascan Power, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Brascan Corporation (NYSE NYSE See: New York Stock Exchange :BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) ) (TSX:BNN.A), today announced that it has received approval from the Ontario Energy Board The Ontario Energy Board (OEB) is a Crown corporation responsible for regulating natural gas and electricity utilities in the province of Ontario, Canada. This includes setting rates and approving the Independent Electricity Market Operator (IMO)'s budget and fees. to proceed with a C$85 million investment to upgrade its transmission lines in northern Ontario. This initiative will increase the overall reliability and power flow capacity of a portion of the provincial transmission system in northern Ontario. "The approval from the Ontario Energy Board paves the way for us to enhance and reinforce our transmission systems in northern Ontario and strengthen the reliability of the Ontario power system. This initiative increases our investment in our Ontario transmission business, which is a steady contributor to our cash flows, and also reconfirms our commitment to the Ontario power market, one in which we have invested approximately $500 million in new developments and acquisitions since market opening two years ago", commented Harry Goldgut, Chief Executive Officer of Brascan Power. The project includes the replacement of a total of 164 kilometers of transmission line and numerous transformer station modifications. In addition, the new line will be equipped with a fiber optic communication cable to complete the link from Sault Ste. Marie Sault Sainte Marie — pronounced "Soo Saint Marie" (IPA /su seɪnt məˈɹi/) — is the name of two cities on the Saint Marys River, which forms part of the boundary between the United States and Canada. to Wawa for improved data transmission and communications between facilities in the region. Brascan Power comprises the power operations of Brascan Corporation. With approximately US$2 billion in total assets, primarily hydroelectric facilities in northeastern Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. , Brascan Power one of the lowest cost producers of hydroelectric power in North America and one of the largest private sector producer of electricity in Ontario and Quebec. Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of US$16 billion and a further US$7 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . This includes 55 premier office properties and 47 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively. |
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