Project not financially viable at this time based on results of project feasibility studies
PRINCETON, BC, Sept. 4, 2014 /CNW/ - Fortis Generation Similkameen LP, which is indirectly, wholly-owned by Fortis Inc., announced today it will not move forward with the proposed Similkameen River water management and hydroelectric project at this time.
The company made the decision based on the results of its most recent project feasibility studies.
"We believe that building a water storage hydroelectric facility on the Similkameen River would create many benefits for the area," said project manager Joseph Sukhnandan. "However, based on the results of our latest engineering and economic studies, we determined the project is not financially viable at this time."
The proposed 165 metre (541 foot) concrete facility was expected to have useable water storage and deliver between 45 to 65 megawatts of electrical capacity along with the associated water management benefits.
Various groups have investigated the feasibility of a water storage and hydroelectric facility in the area since the 1990s.
Fortis Generation Similkameen LP may re-evaluate the viability of the project in the future based on customer demand and market conditions.
Fortis Inc. is the largest investor-owned electric and gas distribution utility in Canada, with total assets approaching $25 billion and fiscal 2013 revenue exceeding $4 billion. Its regulated utilities account for approximately 93 per cent of total assets and serve more than 3 million customers across Canada and in the United States and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investments are comprised of hotels and commercial real estate in Canada.
Additional information can be accessed at www.fortisinc.com or www.sedar.com.
SOURCE: Fortis Generation Inc.
For further information: MEDIA CONTACT: Grace Pickell, Communications Advisor, Fortis Generation Similkameen LP, Phone: 604-328-2544