Manchin welcomes Brookfield Power investment

By The West Virginia Record | Oct 25, 2006

CHARLESTON -- Gov. Joe Manchin last week joined officials from Brookfield Power in announcing the North American energy leader has completed its purchase of two West Virginia hydroelectric power generation facilities, resulting in a significant reinvestment in these facilities and the retention of hundreds of area jobs.

On Aug. 28, the Gatineau, Quebec-based energy company announced it had reached purchase agreements with Alloy Power LLC (Alloy) and West Virginia Alloy LLC (WVA) under which Brookfield Power would acquire Alloy's two hydroelectric generating plants -– the Hawks Nest and Glen Ferris generating stations, which are located on the New River and Kanawha River respectively –- and subsequently sell power to WVA for its integrated ferroalloy smelter under a 15-year contract.

Together, the Hawks Nest and Glen Ferris generating stations have a total installed capacity of 107 megawatts and produce on average 526 gigawatt hours of electricity annually. Financial details of the purchase are subject to confidentiality agreements.

"This is a significant investment by a global leader in hydroelectric power generation that will help West Virginia Alloys remain competitive, preserving more than 200 good-paying jobs with benefits in the Upper Kanawha Valley region," Manchin said. "We welcome this Canadian-based company to West Virginia and look forward to assisting with the continued growth of our state's newest business and energy partner."

"We are pleased to establish our presence in West Virginia, and add meaningful hydro capacity to our portfolio of generating assets," said Harry Goldgut, Co-Chairman and Chief Executive Officer of Brookfield Power. "We look forward to building a long and successful relationship with the state and local communities in which our facilities are located."

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