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Grant PUD awarded $140 million for hydro project upgrades
November 9, 2009

EPHRATA, WA – Grant PUD has been approved by the federal government for $140 million in low interest bond financing for turbine and generator upgrades at Wanapum Dam, on the Columbia River.

The U.S. Treasury Department announced the project as one of 805 across the nation to receive authority to issue Clean Renewable Energy Bonds (CREB).  The allocation to Wanapum Dam is part of a $2.2 billion national volume cap distribution.  Of that total, $800 million was earmarked for public power organizations; $500 million was awarded to the state of Washington.

“We’re very excited to see Wanapum Dam so favorably recognized,” said Grant PUD General Manager Tim Culbertson.  “Receiving the largest CREBs allocation awarded to a public power entity is recognition for the good work we’re doing here at Grant PUD.  This has the potential to be a great benefit to the county and the region.”

If accepted, the CREBs could allow the utility to borrow money at a lower interest rate than the current projected interest rates on anticipated borrowings. The allocation has the potential to save the utility millions in the total debt service payments for the 15-year life of the bonds.

The total dollar amount awarded by the U.S. Treasury Department is still being finalized.  Although the original allocation specified was $140 million, that number could change.

“Grant PUD is a dedicated supporter of emissions-free hydroelectric generation,” said Commission President, Terry Brewer.  “We see this bond allocation as strong support from the federal government on the importance of clean, renewable hydropower as part of the Nation’s energy mix.”

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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:
Sarah Morford
(509) 754-6633 / smorfor@gcpud.org