Waneta expansion project to undergo restructuring

CASTLEGAR, BC, Nov. 4 /CNW/ - Waneta Expansion Power Corporation (WEPC), a subsidiary of Columbia Power Corporation and Columbia Basin Trust, will not be moving forward with the proposed Waneta Expansion project as it is currently configured. WEPC will be pursuing opportunities to restructure and enhance the viability of the project.

"We will be exploring other avenues and identifying other potential partners to improve the viability of the project. We are hopeful that in the coming months we can move this project to a point where it can proceed," said Lee Doney, Board Chair of Columbia Power Corporation.

The Waneta Expansion project is a proposed second powerhouse located adjacent to Teck Cominco's existing Waneta Dam on the Pend d'Oreille River south of Trail. The Province acquired expansion rights to the Waneta Dam in 1994 from Teck Cominco. The rights were transferred to Columbia Power Corporation in 1995 and are now held by Waneta Expansion Power Corporation.

"A considerable amount of work has already been done and Columbia Basin Trust is committed to exploring alternatives with Columbia Power Corporation to move this project forward," said Garry Merkel, Board Chair, Columbia Basin Trust.

Columbia Power Corporation is a Crown corporation wholly owned and controlled by the Province of British Columbia. Pursuant to the Columbia Basin Accord signed in 1995, the primary mandate of CPC is to undertake clean and renewable power project investments as the agent of the Province on a joint venture basis with the Columbia Basin Trust.

Columbia Power Corporation and Columbia Basin Trust, through corporate subsidiaries, own the Arrow Lakes Generating Station, the Brilliant Dam and the Brilliant Expansion. For additional information on Columbia Power, visit www.columbiapower.org.

Columbia Basin Trust delivers economic, social, and environmental benefits to the residents of the Columbia Basin. To learn more about CBT programs and initiatives, visit www.cbt.org or call 1-800-505-8998.

SOURCE COLUMBIA BASIN TRUST

For further information: For further information: Audrey Repin, Director, Communications and Community Relations, Columbia Power Corporation, Ph. (250) 304-6044 or Cell (250) 365-9502; Delphi Hoodicoff, Director, Communications, Columbia Basin Trust, Ph. (250) 365-6633

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