PGE's Biglow Canyon Wind Farm Helps Make Holiday Lights Greener
PORTLAND, Ore., Dec 21, 2007 (BUSINESS WIRE) -- Portland General Electric Company (PGE) (NYSE:POR) customers' holiday lights are twinkling greener this season now that the last of the 76 turbines in the first-phase development at PGE's Biglow Canyon Wind Farm are online in Sherman County, Ore.
PGE broke ground on the project in February of this year, and the first turbines began generating electricity for the utility's customers in October. With today's announcement, PGE's first, wholly owned and operated wind farm has an installed capacity of 125 megawatts of electricity -- enough to power about 34,000 homes. Additional phases planned for construction in 2009 and 2010 are expected to bring the facility's total generating capacity to between 400 and 450 megawatts.
"This has been a model project, and we're very pleased to be fully online - on time and on budget," said Jim Lobdell, vice president, power operations and resources strategy. "Phase one of Biglow Canyon has taken PGE's commitment to new renewable energy resources to a new level, building on our earlier acquisition of long-term contracts for wind power from other suppliers."
PGE estimated costs of between $255 million and $265 million to acquire turbines and construct the first phase of Biglow Canyon. Although wrap-up work and final accounting is still underway, overall project costs are expected to remain within that range. Part of the cost of the project is being offset by the Energy Trust of Oregon, Inc., which is contributing $6 million.
"Biglow is a tremendous example of the benefits of collaboration," said Peter West, Energy Trust director of renewable energy. "With this project, PGE and Energy Trust are driving the future of renewable energy further and faster."
This landmark installation includes the community "signature" turbine blade, which was on display and signed by hundreds of wind power advocates and PGE renewable power customers at PGE's Road to Biglow event at the World Trade Center in Portland, Ore., last August.
In addition to generating power for PGE customers, the wind farm is expected to create jobs, provide income for local businesses, generate future tax revenues, and provide easement payments to landowners.
The Biglow Canyon project was developed by Orion Energy LLC and is being built by PGE, which will own and operate the project.
About Portland General Electric Company
Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves approximately 804,000 residential, commercial and industrial customers in Oregon. Visit our Web site at PortlandGeneral.com.
About Energy Trust of Oregon
Energy Trust of Oregon, Inc., is a nonprofit organization dedicated to changing how Oregonians use energy by promoting energy efficiency and clean, renewable energy for Oregon customers of Portland General Electric, Pacific Power, NW Natural and Cascade Natural Gas. For more information visit www.energytrust.org.
Safe Harbor Statement
Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements concerning the future cost and performance of phase one and subsequent phases of the Biglow Canyon Wind Farm and other expected benefits of the project, as well as other statements identified by words including, but not limited to, "will," "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon" and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including regulatory, operational and legal matters, as well as other factors that could affect the deployment and successful operation of turbines at the Biglow Canyon project. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statements. Prospective investors should also review the risks and uncertainties listed in the Company's most recent Annual Report on Form 10-K and the Company's reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management's Discussion and Analysis of Financial Condition and Results of Operation and the risks described therein from time to time.
POR-F
Source: Portland General Electric Company
SOURCE: Portland General Electric Company
PGE Elaina Medina, 503-464-8790
Copyright Business Wire 2007
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