If others are getting e-mail alerts this late in the day I wonder if this may reach others who until they open their e-mail now were not aware of the news because they were too distracted from todays overall market movement or watching the vote and subsequent "foodfight." It arrived in my box @ 4:45.
Might act as a delayed 2nd pr?
Any thoughts?
Nez
MANCHESTER, NEW HAMPSHIRE--(BUSINESS WIRE)-- September 29, 2008—Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), through its affiliate, Laidlaw Berlin BioPower, LLC (“Laidlaw”), announced today that it has reached agreement with Public Service Company of New Hampshire (“PSNH”) on the material terms of a contemplated 20-year power purchase agreement for Laidlaw’s Berlin, New Hampshire Biomass Energy Project (the “Berlin Project”). The agreement between the parties contemplates the sale of 100% of the Berlin Project’s electric output, capacity and renewable energy certificates to PSNH over the 20-year term. The Berlin Project is expected to have a gross capacity of 66 megawatts, making it one of the largest biomass-energy plants in North America.
Commenting on the arrangement, Laidlaw President and CEO Michael Bartoszek stated, “This is an important milestone in the development of the Berlin Project. Having a guaranteed source of revenue over the term of this agreement from a highly credit-worthy customer like PSNH adds tremendous value to this project. We look forward to being an important part of New Hampshire’s energy future as the state shifts toward renewable electricity generation to meet its Renewable Portfolio Standard and greenhouse gas commitments.”
The agreement between the parties is subject to the execution of a definitive power purchase agreement, as well as approval by the New Hampshire Public Utilities Commission.
“The development of new native sources of renewable energy is essential for New Hampshire’s energy future,” said Gary Long, PSNH president and chief operating officer. “The purchase of power from the Berlin Project will help us to meet the requirements of the state’s Renewable Portfolio Standard and add to our portfolio of CO2-neutral energy sources.”
About the Berlin, NH Biomass-Energy Project
The Berlin project involves the conversion of the former Fraser Paper pulp mill site into a highly advanced biomass-to-energy project that is expected to export approximately 60 megawatts of renewable energy to the New England power grid and utilize over 700,000 tons of clean wood biomass chips per annum. The project involves a capital investment of approximately $100 million and is expected to directly employ 40 skilled workers and create over 500 indirect jobs. Once completed, the plant is expected to be among the largest and most environmentally advanced biomass-energy plants in North America.
About Public Service Company of New Hampshire
Public Service of New Hampshire is the Granite State’s largest electric utility, serving more than 490,000 homes and businesses. The company is keenly interested in efforts to support new sources of renewable energy that complement New Hampshire’s unique environment. In 2006, PSNH developed, with the support of a number of partners, Northern Wood Power – a project that replaced a 50 megawatt coal boiler with a state-of-the-art 50 MW wood boiler at Schiller Station in Portsmouth, NH. The U.S. EPA cited the successful collaboration in presenting Northern Wood Power with the EPA Clean Air Excellence Award in 2008. PSNH.com
About Laidlaw Energy Group
Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable resources, with a particular emphasis on biomass power. Laidlaw Energy's mission is to build and manage a profitable portfolio of biomass facilities through the development of new facilities and acquisition of existing facilities, and in so doing become the leading supplier of biomass power in the United States. Laidlaw Energy is headquartered in New York, New York. For more information, please visit our website at www.LaidlawEnergy.com.
This communication contains statements expressing expectations of future events and/or results which may include, without limitation, statements concerning anticipated financial performance, business prospects, technological developments, potential markets, new products, research and development activities and similar matters. Such statements constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All statements based on future expectations rather than historical facts are forward-looking statements that involve a number of risks and uncertainties, and Laidlaw cannot provide assurance that such statements will prove to be correct. Laidlaw undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Any society that would give up a little liberty to gain a little security will deserve neither and lose both.
Benjamin Franklin
