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Block of Power Auctioned by Washington State Utility
Bid of $23,333,666 bests 14 other participants in second annual auction
EPHRATA, WA – For the second time in as many years, a block of electrical power has been auctioned off at Grant County PUD. The successful bidder, Powerex, will receive 8.86 percent of the output of the utility’s Priest Rapids Development on the Columbia River, which provides low-cost hydropower to the people of the Northwest.
Powerex’s bid of $23,333,666 topped the bids submitted by 14 qualifying utilities, power marketing firms and financial institutions. The contract period will run for 12 months from January 1, 2007 – December 31, 2007.
The actual amount of power that Powerex will receive during the 12-month contract will depend primarily on Columbia River flows and water requirements for migrating salmon.
Grant PUD contacted utilities, power marketers and financial institutions throughout North America regarding the power auction. Response was positive with a number of interested parties establishing pre-qualifications to bid.
"Powerex is pleased to be the successful bidder in this auction and looks forward to working with Grant County over the coming year", said Teresa Conway, President and CEO. "The agreement enhances Powerex's trade opportunities in the Pacific Northwest and builds upon what has been a long and mutually beneficial relationship between Powerex and Grant County."
In 2005, Grant PUD conducted its first annual Power Auction. The auction was the brainchild of utility staff looking for a simple, yet effective way to respond to a 1998 order from the Federal Energy Regulatory Commission (FERC) that required Grant PUD to sell a reasonable portion of its firm and non-firm power generation according to market based principles.
“We are pleased to be working with a strong company such as Powerex,” said Grant PUD General Manager Tim Culbertson. “Powerex possesses talented staff that understands the complex workings of both the Northwest hydro system and Mid-Columbia marketing.”
Grant County PUD owns and operates Priest Rapids and Wanapum Dams on the Columbia River in central Washington. The two hydroelectric facilities, licensed together as the Priest Rapids Project, make up one of the nation’s largest non-Federal hydropower projects, with the capacity to produce nearly 2,000 megawatts of electricity. The auction provides a mechanism for the winner to enjoy the benefits of sharing in our flexible, reliable and renewable resource.
Additional information on the 2006 Grant PUD Power Auction can be found at www.gcpud.org/powerauction/.
About Grant County PUD:
Grant County Public Utility District is a Washington state municipal corporation that began electric service in 1942. Owned by the people it serves, Grant PUD generates and sells electricity to Grant County residents and millions of customers throughout Central Washington and the Pacific Northwest. The Priest Rapids Project, comprised of Priest Rapids and Wanapum Dams, produces nearly 2,000 megawatts of clean, renewable and reliable electricity – enough to supply a city the size of Seattle. A leader in science based technology; Grant PUD is committed to finding effective measures for the protection, mitigation and enhancement of salmon, steelhead and other natural and cultural resources.
About Powerex:
Powerex is the wholly-owned power marketing subsidiary of BC Hydro, Canada's third largest electric utility. Established in 1988, Powerex has grown to be a leading marketer of wholesale energy products and services in western Canada and the western United States, and a growing niche player in other markets in North America.
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Grant County Public Utility District is a Washington state municipal corporation that began electric service in 1942. Owned by the people it serves, Grant PUD generates and sells electricity to Grant County residents and millions of customers throughout Central Washington and the Pacific Northwest. The Priest Rapids Project, comprised of Priest Rapids and Wanapum Dams, produces nearly 2,000 megawatts of clean, renewable and reliable electricity – enough to supply a city the size of Seattle. A leader in science based technology; Grant PUD is committed to finding effective measures for the protection, mitigation and enhancement of salmon, steelhead and other natural and cultural resources.
Media Contact:
Rita Bjork
(509) 766-2530 / rbjork@gcpud.org |
