|By Marketwired .||
|July 30, 2014 11:59 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/31/14 -- AltaGas Ltd. ("AltaGas") (TSX:ALA) today announced that it has started producing power at its 195 megawatt (MW) Forrest Kerr run-of-river hydroelectric facility. Final commissioning of the powerhouse systems and high voltage switchyard were completed in July and the facility is now tied-in and delivering power to the Northwest Transmission Line at Bob Quinn, British Columbia.
"We are pleased to announce that we have safely commissioned and energized the largest construction project in our history," said David Cornhill, Chairman and CEO of AltaGas. "This significant milestone is truly remarkable and was made possible by the outstanding contributions of our dedicated employees and contractors, the Tahltan First Nation, BC Hydro and the Government of British Columbia."
Over the next four to six weeks a number of online electrical and system functional checks will be performed during which time generation is expected to fluctuate. AltaGas expects final project commercial operations to be achieved by the end of third quarter 2014.
The $725 million Forrest Kerr facility was completed on time and on budget. It is supported by a 60-year, fully indexed Electricity Purchase Agreement with BC Hydro.
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.
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