CALGARY, Sept. 28, 2011 /CNW/ - AltaGas Ltd. (AltaGas) (TSX: ALA) and
the Tahltan Central Council today announced that they have signed two
Impact Benefit Agreements (IBAs), one for the McLymont Creek
run-of-river hydroelectric project and the other for the Volcano Creek
run-of-river hydroelectric project.
"The IBAs establish a formal partnership between AltaGas and the Tahltan
Nation and enable us to continue to develop our projects in
collaboration with the Tahltan community," said David Cornhill,
Chairman and Chief Executive Officer of AltaGas.
"This is an exciting day for our people and our Nation that will shape
the future of development in our territory. Today's signing of the IBAs
launches a partnership between the Tahltan Nation and AltaGas. We look
forward to strengthening our relationship with AltaGas as we work
together in the development of these projects, ensuring our Nation,
people and businesses receive financial benefits, including revenue
sharing, jobs and contract opportunities, while also minimizing the
environmental impacts and protecting our culture and way of life," said
Annita McPhee, President of the Tahltan Central Council.
The projects are located near AltaGas' 195-MW Forrest Kerr project,
currently under construction, approximately 1,000 km north of
Vancouver, BC. AltaGas expects the Forrest Kerr project to come into
service in 2014, followed by McLymont Creek in 2015 and Volcano Creek
in 2016. Collectively the projects are known as the Northwest Projects.
The Northwest Projects are to be constructed solely within Tahltan
Nation traditional territory and are expected to cost approximately $1
billion. Once completed, the projects will provide enough electricity
for approximately 95,000 homes in British Columbia and will offset more
than 780,000 tonnes of greenhouse gas equivalents annually. The
projects will deliver electricity to the terminus point of the
previously announced 287-kV Northwest Transmission Line (NTL), near Bob
Quinn, BC, being constructed by BC Hydro.
The Tahltan Nation includes on and off-reserve Tahltans living in
Telegraph Creek, Dease Lake and Iskut, and more than 3,000 people
living across the country. Tahltan traditional territory encompasses 11
percent of British Columbia. More than 50 percent of all mineral
exploration and mine development in the province takes place in Tahltan
traditional territory. For more information about the Tahltan Central
Council, visit www.tahltan.org.
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
renewable 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.
SOURCE AltaGas Ltd.
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