Maxim Power Corp. Announces M2 Update
October 21 2011 - 5:23PM
Marketwired
Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation")
announced today that the Court of Appeal of Alberta (the "Court")
has denied an application for leave to appeal the interim decision
of the Alberta Utilities Commission ("AUC") that granted approval
to MAXIM to construct the 500 megawatt Milner expansion project
("M2").
The AUC has issued both an interim and a final decision on
MAXIM's application to construct M2. On June 30, 2011, the AUC
issued an interim decision to approve MAXIM's application. Today,
the Court denied an application for leave to appeal this decision.
On August 10, 2011, the AUC issued their final decision approving
the project. No party has sought leave to appeal the final decision
and the period for which the Court would consider such applications
related to this decision has expired.
M2 has been under development by MAXIM since May 2005. A lengthy
public consultation and regulatory approval process culminated in
the project's approval by the AUC. M2 will utilize supercritical,
pulverized coal technology, making it one of the cleanest and most
fuel-efficient coal-fired power plants in Canada that can meet
Alberta's growing electric energy needs and allow for the orderly
retirement of a less efficient, less reliable and aging
conventional coal-fired fleet.
The M2 design incorporates emission control equipment capable of
achieving 60 to 80 percent reductions in sulphur dioxide, nitrogen
oxides and mercury compared to the conventional coal-fired power
plants still operating in Alberta. The highly efficient M2 design
will also reduce carbon dioxide emissions by 20% compared to these
existing plants. M2 is a reliable and low-cost generation supply
solution for Albertans that is entirely consistent with federal and
provincial goals for emissions reductions.
About MAXIM
Based in Calgary, Alberta, MAXIM is an independent power
producer, which acquires or develops, owns and operates innovative
and environmentally responsible power projects. MAXIM currently
owns and operates 44 power plants in western Canada, the United
States and France, having 809 MW of electric and 117 MW of thermal
net generating capacity. MAXIM trades on the TSX under the symbol
"MXG". For more information about MAXIM, visit our website at
www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions,
expectations or predictions, or which relate to matters that are
not historical facts are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performances or
achievements of MAXIM to be materially different from any future
results, performances or achievements expressed in or implied by
such forward-looking statements. MAXIM may update or revise any
forward-looking statements, whether as a result of new information,
future events or changing market and business conditions and will
update such forward looking statements as required pursuant to
applicable securities laws.
Contacts: Maxim Power Corp. John R. Bobenic President and CEO
(403) 263-3021 Maxim Power Corp. Michael R. Mayder Vice President,
Finance and CFO (403) 263-3021www.maximpowercorp.com
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