|By Marketwired .||
|November 23, 2012 05:30 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 11/23/12 -- Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation") announced on November 20, 2012 that it entered into a 25 MW, one-year firm financial swap agreement with an undisclosed third party. The financial swap agreement provides an additional 25 MW of power to MAXIM at a fixed price of $58.80 per MWh during 2013. MAXIM views the current forward prices for the 2013 Alberta power market as a favorable entry point considering the province's current supply/demand fundamentals and anticipated volatility of power prices.
MAXIM will factor this firm financial power position into the optimization of its overall Alberta generation portfolio. The 25 MW firm financial Alberta power agreement adds to MAXIM's existing generating capacity of 156 MW, providing MAXIM with power generation totaling 181 MW for 2013 through two physical power plants and this financial swap. During 2013 MAXIM anticipates that it will realize value from this portfolio through a combination of offsetting firm financial power agreements, unit-contingent power sales agreements, and selling electricity at spot Alberta electricity prices.
Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 40 power plants in western Canada, the United States and France, having 788 MW of electric and 111 MW of thermal net generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
Maxim Power Corp.
John R. Bobenic
President and CEO
Maxim Power Corp.
Michael R. Mayder
Vice President, Finance and CFO