EDMONTON, June 10 /CNW/ - Capital Power Income L.P. (TSX: CPA.UN) (the Partnership) and CPI Preferred Equity Ltd. (TSX: CZP.PR.A, CZP.PR.B) (the Corporation), a subsidiary of the Partnership, announced the completion of the repowering project for its Oxnard facility (Oxnard).
Oxnard is a 49-megawatt, natural gas-fired combined heat and power facility located in Oxnard, California. The project involved the replacement of its General Electric (GE) LM5000 natural gas turbine with a more efficient GE LM6000 unit.
Final capital costs for the project was approximately US$19.7 million, lower than the original estimated cost of approximately US$20 million. The final capital costs could potentially be even lower than budget if the sale of the used GE LM5000 turbine is successful. The repowering project started on February 26, 2010 once the required construction permit was received and was completed on May 21, 2010.
"The repowering of Oxnard was completed slightly under budget and in time for the start of the summer peak demand season in Oxnard's power region", said Stuart Lee, President of the General Partner of Capital Power Income L.P. "The new LM6000 gas turbine will improve reliability and efficiency which will result in higher operating margins at the facility through avoided forced outage cost savings and a slightly improved heat rate. The Oxnard facility was fully operational for the start of its peak summer revenue period where higher capacity payments and bonuses are achieved through high plant availability."
About Capital Power Income L.P.
Established in 1997, Capital Power Income L.P. is a limited partnership organized under the laws of the Province of Ontario. The Partnership's portfolio includes 19 wholly-owned power generation assets located in Canada and the United States and a 50.15 per cent interest in a power generation asset in Washington State. The Partnership's assets have a total net generating capacity of 1,400 megawatts and more than four million pounds per hour of thermal energy. For more information on the Partnership, please visit: www.capitalpowerincome.ca.
About CPI Preferred Equity Ltd.
The Corporation was incorporated under the laws of the Province of Alberta on June 26, 1998 and is a wholly-owned subsidiary of the Partnership. The Corporation operates as a holding company and indirectly holds all of the Partnership's business and power generation and other assets in the United States, including the Partnership's Curtis Palmer, Manchief, Frederickson, Naval Station, North Island, Naval Training Center, Oxnard, Greeley, Kenilworth, Roxboro, Southport and Morris power generating facilities. These facilities have a total generating capacity of approximately 1,080 megawatts (representing approximately 77 per cent of the total generating capacity of the Partnership's assets) and approximately four million pounds per hour of thermal energy (representing 100 per cent of the total thermal energy capacity of the Partnership's assets).
SOURCE CAPITAL POWER INCOME L.P.
For further information: For further information: Media inquiries: Mike Long, (780) 392-5207; Investor inquiries: Randy Mah, (780) 392-5305 or (866) 896-4636 (toll-free)