|By Marketwired .||
|June 16, 2014 10:00 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/16/14 -- AltaGas Ltd. (AltaGas) (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U) (TSX:ALA.PR.E) today announced that it continues to make steady progress on its three Northwest run-of-river hydroelectric projects. Construction of the 195 MW Forrest Kerr facility is complete. The remaining start-up activities at Forrest Kerr will focus on commissioning the powerhouse systems and high voltage switchyard and tying in to the Northwest Transmission Line (NTL). Construction and stringing of the NTL is now complete, and commissioning is underway. AltaGas has commenced commissioning activities and expects to be generating power in July.
"With the start-up of Forrest Kerr only one month away, we are nearing completion of one of the largest projects in the 20-year history of AltaGas," said David Cornhill, Chairman and CEO of AltaGas. "The safe commissioning of Forrest Kerr is the last major step in unlocking the value it will bring to our shareholders, the Tahltan First Nation, and the Province of British Columbia."
At the 16 MW Volcano Creek project, construction continues to pace two years ahead of schedule. The penstock excavation and switchyard work is underway. Assembly of the powerhouse and installation of the turbine generators is advancing. The project remains on track to be in service shortly after Forrest Kerr.
At the 66 MW McLymont Creek project, construction of the powerhouse foundation is advancing ahead of schedule and excavation of the 2,800 meter power tunnel is approximately 70 percent complete. The project is expected to be in service in mid-2015.
AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca
This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to AltaGas or an affiliate of AltaGas, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect AltaGas' current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in AltaGas' public disclosure documents. Many factors could cause AltaGas' actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.