B.C. Hydro has taken a significant step towards future power acquisitions with the release of its draft 2012 Integrated Resource Plan (IRP). Links to the B.C. draft IRP are below:
The IRP outlines BC Hydro’s plan for acquiring the resources to meet their customer needs over the long term with a focus on the next 20 years. Their plan and long term load forecast shows that demand for energy will grow by approximately 50% over the next 20 years before accounting for savings that can be achieved by conservation and energy efficiency measures. After taking into account demand side management and conservation plans, there is a projected capacity supply gap of 2400 MW’s by 2031. B.C. Hydro makes 11 recommendations in the IRP with recommendation #8 focussed on Independent Power Producers. Recommendation #8 states: “Develop energy procurement options to acquire up to 2000 gigawatt hours per year from clean energy producers for projects that would come into service in the 2016-2018 time period”. The document also suggests that a focus for procurement will be where demand is growing which includes the Lower Mainland and northwest.
The IRP provides an opportunity for Syntaris Power to advance projects in the northwest of the Province. To ensure these are actively being considered by BC Hydro over he coming months the company will engage in the consultation and feedback process and we will also continue to monitor developments at B.C. Hydro in order to be prepared for future power acquisition opportunities.
Finally, the companies AGM will be held sometime this summer (however, not in June) so please await notification via regular mail to the address we have for you in the corporate registry that is held by Computershare. If you have moved, changed addresses or have not been receiving mail from Syntaris Power please advise Computershare of your new address by contacting the National Customer Care Center at 1-800-564-6253. Thank you for your continued support as shareholders and we look forward to providing more updates to you moving forward.