Maxim Power Corp. Announces AUC Loss Factor Decision
April 19 2012 - 8:49AM
Marketwired
Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation")
announced today that the Alberta Utilities Commission ("AUC") has
rendered its decisions on complaints made by Milner Power Inc.
("Milner") on transmission loss factor rules and loss factor
methodologies adopted by the Alberta Electric System Operator
("AESO") and applied in the Alberta wholesale electricity market
for the periods from 2006 to 2008 and from 2009 to 2011.
On August 17, 2005 MAXIM's wholly-owned subsidiary, Milner Power
Inc., submitted a complaint to the AUC (AUC Application 1606494)
stating that the then newly approved loss factor rules and
methodologies used by the AESO failed to comply with the
Transmission Regulation under the Electric Utilities Act and, as a
result, Milner has suffered a financial loss. Loss factors are
assigned to each generator within the Province and are used to
recover the cost of energy losses on the transmission system.
On April 16, 2012 the AUC rendered decisions 2012-104 and
2012-105 on this matter. The AUC has upheld the complaint made by
Milner that the ISO Line Loss Rules contravene the Transmission
Regulation.
The AUC has indicated that it will proceed to the next phase of
the proceeding and is seeking submissions from all of the parties
on how best to proceed. MAXIM anticipates that these proceedings
will establish compensation to MAXIM and rule changes with respect
to transmission line losses.
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 40 power plants in western Canada, United States
and France, having 788 MW of electric and 111 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) 750-9300 Maxim Power Corp. Michael R. Mayder Vice President,
Finance and CFO (403) 750-9311 www.maximpowercorp.com
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