Sea Breeze Power Corp.: Vancouver Island Cable-Regulatory Application Withdrawn.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water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 -- Sea Breeze Power Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:SBX SBX Snowboard Cross SBX Sea-Based X-Band Radar (missile defense) SBX Sports Bet Express SBX Sodium Borate (wood preservative treatment) ), on behalf of its affiliated subsidiary, Sea Breeze Victoria Converter Corporation ("Sea Breeze Victoria") announces its decision to withdraw its application for a Certificate of Public Convenience and Necessity ("CPCN CPCN Canadian Prostate Cancer Network CPCN Certificate of Public Convenience & Necessity CPCN Civilian Position Control Number CPCN Customer Product Change Notification Application") to construct a 550 MW direct current submarine transmission cable between Greater Vancouver and Greater Victoria on Vancouver Island, which is presently before the British Columbia Utilities Commission. The Vancouver Island Cable CPCN Application was originally filed on September 30, 2005. Sea Breeze Victoria's decision to withdraw its CPCN Application followed a ruling by the Commission allowing BC Hydro and Power Authority to file new evidence that indicated that a capital structure of 100% provincially guaranteed debt must be utilized for a competing transmission proposal submitted by BC Hydro's affiliated transmission utility, BC Transmission Corporation, when comparing it to Sea Breeze Victoria's Vancouver Island Cable proposal. Although the Commission decided to allow BC Hydro to present the evidence, it acknowledged the significance to Sea Breeze Victoria of the late filing of the evidence and, accordingly, presented several options to Sea Breeze Victoria. Sea Breeze Victoria accepted the offer presented to it by the Commission to withdraw its CPCN Application and to seek an order for costs at a level beyond those established in the Commission's Intervener Funding Guidelines. In that costs application, Sea Breeze Victoria will be seeking full indemnification for all of its costs in bringing forward the CPCN Application for the Vancouver Island Cable. Further development work on the US$300 million project has been suspended. Prior to the filing of the CPCN Application for the Vancouver Island Cable, Sea Breeze Victoria had been granted formal Intervenor status in the proceedings of BC Transmission Corporation's application. Sea Breeze Victoria will continue its participation within the public hearing process as an active intervener opposing the issuance of a CPCN for BC Transmission Corporation's proposal, which proposes high voltage alternating current transmission cables on a right-of-way adjoining a number of residential properties. Sea Breeze Victoria will also vigorously continue its participation within the process with regard to evidence that a technologically and environmentally superior as well as a more cost-effective solution for reinforcing reliability of Vancouver Island's transmission system would be construction of the Juan de Fuca Juan de Fu·ca , Strait of A strait between northwest Washington State and Vancouver Island, British Columbia, Canada, linking Puget Sound and the Strait of Georgia with the Pacific Ocean. Cable. The Juan de Fuca Cable, proposed to transmit 550 MW also using high voltage direct current technology, would connect Greater Victoria, British Columbia Greater Victoria (also known as the Greater Victoria Region) is located in British Columbia, Canada, on the southern tip of Vancouver Island. It is a cultural rather than political entity, usually defined as the thirteen easternmost municipalities on Vancouver Island of the with Port Angeles, Washington Port Angeles is a city in Clallam County, Washington, United States. According to the 2000 census, its population is 18,397, making it the largest city on the Olympic Peninsula. Port Angeles is the county seat of Clallam County. . As an international transmission line, the Juan de Fuca Cable presently has a Draft Environmental Impact Statement under review by the United States Department of Energy The United States Department of Energy (DOE) is a Cabinet-level department of the United States government responsible for energy policy and nuclear safety. Its purview includes the nation's nuclear weapons program, nuclear reactor production for the United States Navy, , and a CPCN application under review by the National Energy Board of Canada. ON BEHALF OF THE BOARD OF DIRECTORS Paul B. Manson, President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of the contents herein. Sea Breeze Power Corp. (TSX VENTURE:SBX) |
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