Genalta Power to Develop a 13.5 MW Clean Fuel to Electricity Project
CALGARY, Oct. 31, 2012 /CNW/ - Genalta Power Inc. announces the signing of a
20 year power purchase agreement with Pengrowth Energy Corporation to convert
clean fuel into electricity on their Judy Creek site.
This power Project is a simple cycle turbine-generator that will use on site
fuel gas to generate power to mitigate operating costs for Pengrowth Energy
Corporation on their Judy Creek Production Complex. The project is forecast to
be commissioned by the end of September 2013 and will sell the power back to
Pengrowth over a 20 year contract.
"We are very excited to be entering into a long term arrangement with
Pengrowth Energy Corporation to develop a clean fuel to electricity project
for their Judy Creek site" said Graham Illingworth, Genalta Power CEO, "I look
forward to a successful collaboration."
This facility will be able to dispatch variably to capture only the most
profitable electricity prices. This system was designed specifically for the
Judy Creek Production Complex to optimize the output and significantly reduce
operating costs which will enhance its competitiveness.
About Genalta Power
Genalta Power is a privately held Canadian corporation in the business of
developing, owning and operating independent power plants that produce and
sell environmentally-friendly electricity from waste and clean energy sources.
Genalta capitalizes on opportunities in the independent power market by
actively pursuing the development of dependable, cost-effective and
environmentally responsible power generation facilities. Genalta pursues a mix
of waste heat recovery, waste fuel gas, waste pressure and gas to power
projects. Genalta is developing projects in strategic regions of North America
with an emphasis on the oil and gas industry. Visit www.genaltapower.com for
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking
information" or "forward-looking statements" which involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
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the development, construction and operation of greenhouse gas based projects
and speaks only as of the date of this news release. Forward-looking
information involves significant uncertainties, should not be read as a
guarantee of future performance or results, and will not necessarily be an
accurate indication of whether or not such results will be achieved. A number
of factors could cause actual results to differ materially from the results
discussed in the forward-looking information. Although the forward-looking
information in this news release is based upon what management of the company
believes are reasonable assumptions, the company cannot assure investors that
actual results will be consistent with this forward-looking information. This
forward-looking information is provided as of the date of this news release,
and, subject to applicable securities laws, the company assumes no obligation
to update or revise such information to reflect new events or circumstances.
Genalta Power Inc.
Vice President, Finance
Telephone: (403) 237-9740
SOURCE: Genalta Power Inc.
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CO: Genalta Power Inc.
NI: CHM MNG OIL UTI
-0- Oct/31/2012 16:23 GMT
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