Compliance Energy Coal-Fired Gen Project near Princeton
COMMENT: Compliance Energy has pitched a wood waste and coal-fired generation plant near Princeton previously. At the time, it was to be a 49 MW project falling just under the reviewable projects threshold for a thermal generation plant. The government and the company were lobbied to nevertheless have the project undergo an environmental assessment.
Last August, the company withdrew its application for an air emissions permit. At the same time, the provincial government issued new Coal-Fired Power Boiler Emission Guidelines, moving BC from among the most lax emission limits in North America to levels comparable with other jurisdictions, notably, Alberta.
http://tinyurl.com/k85wr
Compliance is now proposing essentially the same project - a "net" 49 MW wood-waste and coal-fired plant at the Similco Mine site - and is submitting a tender with BC Hydro's F2006 Call for Power.
http://www.bchydro.com/info/ipp/ipp20988.html
Compliance will develop the Princeton project with Ontario-based Northland Power.
http://www.complianceenergy.com/news/press_releases/PDFs/05_05_26.pdf
http://www.northlandpower.ca/
Just four days before BC Hydro's deadline for tenders in the F2006 Call for Power, Compliance announced that it has a deal with the Upper Similkameen Indian Band (USIB) to proceed with the coal-fired plant.
www.complianceenergy.com
For whatever an environmental assessment in British Columbia is worth these days, Compliance has voluntarily agreed to a review by the Environmental Assessment Office for the coal and wood-waste plant.
EAO: http://www.eao.gov.bc.ca/epic/output/html/deploy/epic_project_home_276.html
Project Description: http://tinyurl.com/n6ksf
The Compliance project is the second announced for BC Hydro's F2006 Call for Power. Earlier, Hillsborough Resources announced its intention to bid the AESWapiti coal-fired generation project into the F2006 Call.
www.hillsboroughresources.com
http://www.sqwalk.com/current/000711.html
EAO: http://www.eao.gov.bc.ca/epic/output/html/deploy/epic_project_home_279.html
Project Description: http://tinyurl.com/s3nbr
Upper Similkameen Indian Band and Compliance Energy Corporation Sign Agreement Regarding Proposed net 49 Megawatt Power Generation Project for Princeton
April 3, 2006
FOR IMMEDIATE RELEASE: (Keremeos, BC) The Chief of the Upper Similkameen Indian Band and the President and Chief Executive Officer of Compliance Energy Corporation of Vancouver have signed a Cooperative Working Agreement involving a proposed Power Generation facility to be constructed south of Princeton, BC. The project will be situated at an abandoned mine site.
The facility would produce net 49 Megawatts of power through the combined use of local wood residue and coal, utilizing a state of the art combustion system and adhering to strict environmental standards. Power from the project will be bid into the BC Hydro 2006 Open Call for Power. Excess heat from the project could be utilized to develop ancillary businesses, possibly including a greenhouse.
Compliance has volunteered to have the Provincial Government review the project under the British Columbia Environmental Assessment Act. The company is confident that the project will have no significant environmental impacts or reduction in air quality for surrounding communities. The project is expected to provide significant economic benefits and have a positive impact on local employment and businesses.
Through the Cooperative Working Agreement the Upper Similkameen Indian Band will ensure that Compliance meets its commitments for environmental stewardship and local economic benefits. The Band will have direct involvement in any pre-construction, construction and operational environmental assessment and monitoring.
The Band has negotiated an equity position in the project to ensure its members receive long-term benefits. In addition, the Band will be the primary supplier of wood residue to the plant.
Chief Rick Holmes stated that “Any development of the resources within our traditional territory must be done in a manner which avoids negative impacts on our aboriginal rights and title, while providing direct benefits to our community. The fact that Compliance Energy has acted respectfully and appropriately to our concerns allows me to sign this important agreement without reservation”
John Tapics, President and CEO of Compliance Energy Corporation stated that “The Company is looking forward to a mutually beneficial long term relationship with the Band and welcomes USIB as partners in the project.”
Compliance is a Canadian mining company that operates the Basin Coal Mine near Princeton, BC and also has significant metallurgical and thermal coal interest on Vancouver Island. Compliance Energy Corporation’s shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on the Company’s web page at www.complianceenergy.com.
For more information, please contact:
Philippe Batini - Band Manager
Box 310 610 7th Avenue
Keremeos, British Columbia V0X 1N0
Phone: 250-499-2221
Fax : 250-499-5117
E Mail : usib@img.net
John Tapics – President and CEO
885 Dunsmuir Street, Suite 584
Vancouver, BC Canada V6C 1N5
Phone: 604-689-0489
Fax : 604-681-5910
E Mail : john@complianceenergy.com