TransCanada announces Halton Hills gas-fired plant operationalHalton Hills Generating Station delivers power to Ontario grid
CALGARY, Alberta - October 28, 2010 - TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) today announced the $700 million Halton Hills Generating Station (HHGS) is officially operational and was completed on time and on budget. Halton Hills will operate under a 20-year power purchase arrangement with the Ontario Power Authority that will generate stable earnings and cash flow over the next two decades.
"We're pleased to add Halton Hills to our portfolio of large scale North American energy infrastructure assets," says Russ Girling, TransCanada's president and chief executive officer. "We are proud to help Ontario meet its energy needs and support Ontario's goal of replacing coal-fired generation with new clean, safe and reliable natural gas."
The 683 megawatt (MW) natural gas-fired power plant is located in the town of Halton Hills, Ontario and has the capacity to generate enough power to meet the needs of approximately 700,000 homes. The high-efficiency combined cycle plant uses state-of-the-art low emissions technology to meet high environmental standards.
The project created approximately 800 construction jobs at its peak and will result in 24 new full-time positions to operate and maintain the facility. Routine operations and maintenance will require additional ongoing support from suppliers and specialty contractors from across the region throughout the life of the plant.
Natural gas fuelled power plants like Halton Hills are already operating in communities like Toronto, Brampton and Mississauga. These plants provide a clean, safe and reliable method of electricity production. Natural gas is the cleanest burning fossil fuel and is delivered to the facility as required through the natural gas distribution system. There is no gas storage on site.
"TransCanada thanks the local community for its support and cooperation during the construction process," adds Girling. "Our company consulted local stakeholders extensively as the power plant was developed and constructed and the company remains committed to open communication throughout the life of the facility. Halton Hills is another example of TransCanada's progress toward becoming the leading energy infrastructure company in North America."
Ontario is one of the largest power markets in North America and TransCanada is a long-time participant. TransCanada has a major presence in the Ontario energy market through both the companies' pipeline and energy businesses.
TransCanada owns 50 per cent of the Portlands Energy Centre (PEC), a 550 MW high-efficiency, combined-cycle natural gas generation plant in downtown Toronto. PEC is a limited partnership of Ontario Power Generation and TransCanada. TransCanada is also part owner of Bruce Power, North America's largest power facility. Bruce is in the midst of a restart and refurbishment program that will ultimately deliver another 1,500 MW to the Ontario power grid increasing the total output to over 6,300 MW. Bruce Power is capable of supplying 20 per cent of Ontario's electricity needs.
With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 60,000 kilometres (37,000 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: http://www.transcanada.com/.
TRANSCANADA FORWARD-LOOKING INFORMATION
This news release may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "believe", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward-looking information. Forward-looking statements in this document are intended to provide TransCanada securityholders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operations plans and outlook. Forward-looking statements in this document may include, among others, statements regarding the anticipated business prospects, projects and financial performance of TransCanada and its subsidiaries, expectations or projections about the future, and strategies and goals for growth and expansion. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among others, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of TransCanada's pipeline and energy assets, the availability and price of energy commodities, capacity payments, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and economic conditions in North America. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission (SEC). Readers are cautioned to not place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Posted: October 28, 2010
More Latest News »