Waneta Expansion project going ahead in the Kooteneays

Fortis to launch Waneta hydro project

Canada's largest private-sector power company plans to build a $900-million hydroelectric plant in southern British Columbia with two provincial agencies as partners.

Fortis Inc. (FTS-T29.05-0.11-0.38%) of St. John's will own 51 per cent of the hydro plant, known as the Waneta Expansion, which will supply British Columbia Hydro and Power Authority and sell surplus electricity to an unregulated market.

The project near Trail, B.C., is being led by Fortis in partnership with the government-owned Columbia Power Corp. and Columbia Basin Trust.

The project will bring about 400 jobs and $200-million in wages and benefits to the region, according to B.C. Energy Minister Bill Bennett, who represents a riding in the region.

"This agreement is the result of a tremendous amount of hard work and co-operation from all the parties involved," Mr. Bennett said in a statement Thursday.

Other companies interested in the project will have until Sept. 13 to submit alternatives to the Fortis plan, through BC Bid.

http://www.theglobeandmail.com/globe-investor/fortis-to-launch-waneta-hy...