Post by NastyBoy on Nov 26, 2009 15:26:06 GMT -5
Thought you guys would find the following article from yesterday's Standard interesting. They're on the right track, but it doesn't make sense to me if there is no proposal for a ladder at Port Dalhousie??? What do you guys think??? John
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New power station wins council approval
Posted By Marlene Bergsma, Standard Staff
St. Catharines councillors have approved the $38.1-million Shickluna Generating Station, including a $1-million fish ladder — in a project that will generate both power and cash for the city.
At a special shareholders meeting of St. Catharines Hydro Monday night, city councillors approved the project, on the condition they can get 90% of the cost in a low-interest loan from the Ontario Srategic Infrastructure Financing Authority, and on the condition they can successfully negotiate a deal to feed power to the grid at a premium price.
When it's built and generating power — expected by 2013 — Shickluna will deliver four megawatts of power to the province's electricity grid and $600,000 to $700,000 a year to city coffers, said St. Catharines Mayor Brian McMullan.
In 20 years, when the loan is paid off, the station will be even more lucrative, he said.
"Hydro stations last many, many years," McMullan said. "This will generate revenue and profit for St. Catharines taxpayers for the next 70 to 100 years. We're talking tens of millions of dollars."
The money will most likely be used to reduce taxes, or prevent tax increases, said St. Catharines Coun. Joe Kushner, who is the city's appointee to the board of St. Catharines Hydro. St. Catharines Hydro is a private corporation under the Ontario Business Corporations Act, and the Corporation of the City of St. Catharines is its sole shareholder.
Frank Perri, general manager of St. Catharines Hydro, said the project is financially feasible if St. Catharines Hydro can negotiate a premium rate for the power it provides through the Ontario Power Authority.
"They'll guarantee us a certain rate over a 40-year tem, but the period for applications ends Nov. 30," Perri said. He wanted council's approval — sought during a closed-door meeting Monday afternoon — in order to meet the application deadline.
Kushner said council gave its approval to proceed with the project on the condition hydro gets the low-interest loan from OSIFA and the sweet OPA deal. Perri said the business case assumes the loan will be negotiated at roughly 5.5%.
Perri said he hopes to have both the loan and the feed-in rate negotiated by the end of January 2010 and construction underway by the end of the year. The power station will be located in Twelve Mile Creek, just south of the Fourth Avenue Bridge.
Perri said the project will also include a fish ladder, after a Ministry of Natural Resources fish study discovered a handful of American eels in the waterway over the past decade. The American eel was listed as an endangered species in 2007, so the fish ladder had to be added to the project, he said.
_______________________________________________
New power station wins council approval
Posted By Marlene Bergsma, Standard Staff
St. Catharines councillors have approved the $38.1-million Shickluna Generating Station, including a $1-million fish ladder — in a project that will generate both power and cash for the city.
At a special shareholders meeting of St. Catharines Hydro Monday night, city councillors approved the project, on the condition they can get 90% of the cost in a low-interest loan from the Ontario Srategic Infrastructure Financing Authority, and on the condition they can successfully negotiate a deal to feed power to the grid at a premium price.
When it's built and generating power — expected by 2013 — Shickluna will deliver four megawatts of power to the province's electricity grid and $600,000 to $700,000 a year to city coffers, said St. Catharines Mayor Brian McMullan.
In 20 years, when the loan is paid off, the station will be even more lucrative, he said.
"Hydro stations last many, many years," McMullan said. "This will generate revenue and profit for St. Catharines taxpayers for the next 70 to 100 years. We're talking tens of millions of dollars."
The money will most likely be used to reduce taxes, or prevent tax increases, said St. Catharines Coun. Joe Kushner, who is the city's appointee to the board of St. Catharines Hydro. St. Catharines Hydro is a private corporation under the Ontario Business Corporations Act, and the Corporation of the City of St. Catharines is its sole shareholder.
Frank Perri, general manager of St. Catharines Hydro, said the project is financially feasible if St. Catharines Hydro can negotiate a premium rate for the power it provides through the Ontario Power Authority.
"They'll guarantee us a certain rate over a 40-year tem, but the period for applications ends Nov. 30," Perri said. He wanted council's approval — sought during a closed-door meeting Monday afternoon — in order to meet the application deadline.
Kushner said council gave its approval to proceed with the project on the condition hydro gets the low-interest loan from OSIFA and the sweet OPA deal. Perri said the business case assumes the loan will be negotiated at roughly 5.5%.
Perri said he hopes to have both the loan and the feed-in rate negotiated by the end of January 2010 and construction underway by the end of the year. The power station will be located in Twelve Mile Creek, just south of the Fourth Avenue Bridge.
Perri said the project will also include a fish ladder, after a Ministry of Natural Resources fish study discovered a handful of American eels in the waterway over the past decade. The American eel was listed as an endangered species in 2007, so the fish ladder had to be added to the project, he said.
