AltaGas signs power sales deal with BC Hydro
ALTAGAS has signed electricity purchase agreements with BC Hydro for its planned McLymont Creek and Volcano Creek run-of-river hydroelectric projects north of here.
"With a combined capacity of approximately 82 MW the McLymont Creek and Volcano Creek projects, in addition to our 195 MW Forrest Kerr project, represent a $1 billion investment in British Columbia," said David Cornhill, Chairman and Chief Executive Officer of AltaGas.
"These three projects align with our strategy of adding low-risk, long-life assets as we continue to build long-term contracted assets that will generate power and deliver strong shareholder value for generations to come," he said of the projects expected to generate 277 MW of power.
AltaGas is calling the three projects "anchor tenants" for BC Hydro's Northwest Transmission Line.
The company says there will be more than 400 direct jobs during construction.
"Not only will our Northwest Projects help support government job creation strategies but they will also provide much needed power to BC Hydro, which will allow them to meet the growing demand for power in the northwest," said Cornhill.
AltaGas has already signed impact benefit agreements with the Tahltan on whose traditional territory the projects are located.
Work on the Forrest Kerr project is already underway and is expected to be completed by July 2014.
And AltaGas says it wants work on the McLymont Creek and Volcano Creek projects finished by the end of 2015.