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Sunday, 28 April 2024

ocean energy

Minnesota Power signs term sheet for purchase of hydro power from Manitoba Power

The term sheet contains two purchase power agreements, slated to be finalized in the next year. Included in this deal are an initial purchase by Minnesota Power of surplus energy to begin in 2008, and a 15-year term Minnesota Power purchase of 250 megawatts beginning in about 2020. The deal will require construction of new hydroelectric facilities in northern Manitoba as well as transmission lines between Canada and the United States.

"Manitoba Hydro is proceeding with plans for the development of new large hydroelectric projects in northern Manitoba," said Bob Brennan, president and CEO. "Another benefit to both parties is the additional transmission capacity between the two utilities. These projects and the associated power sales will be good for the environment, good for the northern First Nation communities and good for rate payers both in Minnesota and Manitoba. These sales continue a long, close and fruitful relationship with Minnesota Power."

"We are pleased to cooperate with our neighbor and long-term utility partner to secure this clean carbon-free energy resource for our customers," said Don Shippar, ALLETE, Inc. chairman, president and CEO. "As new industrial projects are proposed in our region, Minnesota Power will continue to deliver innovative ways to meet the associated energy needs."

For additional information:

http://www.hydro.mb.ca/

http://www.hydro.mb.ca/news/releases/news_08_01_29.shtml

http://www.mnpower.com/

http://www.mnpower.com/news/articles/2008/01-29-08Hydro_Energy_Purchase.pdf
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