April 2, 2007
BC Hydro withdraws appeal; discussions with Alcan continuing
VANCOUVER – BC Hydro today announced it will not pursue its appeal to the BC Court of Appeal related to a power purchase agreement with Alcan. The British Columbia Utilities Commission (BCUC) rejected the agreement in an order issued in December 2006.
Following the decision of the commission, BC Hydro has undertaken a review of the structure and value of the agreement. In addition, BC Hydro and Alcan have engaged in discussions to determine whether a new agreement could be reached which addresses both the issues raised by the BCUC as well as the policy direction outlined in the new Provincial Energy Plan announced in February 2007.
In light of the positive nature of these discussions, BC Hydro has decided to drop its appeal and will focus on completing discussions with Alcan in the coming weeks.
BC Hydro continues to believe that the energy available through a power purchase agreement with Alcan represents an important, cost effective, clean and reliable supply to meet the growing demand for electricity in British Columbia. Any new agreement reached by Alcan and BC Hydro would be subject to review by the BCUC.
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