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UPDATE 1-Plutonic says confident of long-term BC Hydro deal
March 10, 2010 / 11:18 PM / in 8 years

UPDATE 1-Plutonic says confident of long-term BC Hydro deal

* Contract is for clean power in British Columbia

* Says BC Hydro intends to award contracts this month

* CEO says has slimmed down size of Upper Toba project

* Drops second project from bidding process

VANCOUVER, March 10 (Reuters) - The head of clean power company Plutonic Power Corp PCC.TO said on Wednesday he is confident of securing a long-term contract soon after talks with British Columbia’s electricity utility led to a slimming down of a key project.

“We think it will lead to a contract being awarded because we have modified our transmission plan,” Chief Executive Donald McInnes told Reuters.

The provincial utility said it intends to award long-delayed clean power contracts this month, McInnes said.

Plutonic, whose project partner is GE Energy Financial Services, part of General Electric Co (GE.N), has cut one of three planned run-of-river hydroelectric facilities from its Upper Toba Valley project.

McInnes said the decision to trim the project’s design capacity to 123.4 megawatts from 166 MW stemmed from talks with BC Hydro that showed capacity constraints on an area transmission line.

Plutonic said in a news release it has withdrawn a second project, Bute Inlet, from the clean power bid.

Both projects are located in wilderness areas on British Columbia’s Pacific coast. (Reporting by Nicole Mordant; editing by Rob Wilson)

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