Canada's Newfoundland Power will invest approximately C$62M (US$55.5M) next year to strengthen its electricity system, including approximately C$18.8M (US$16.8M) to refurbish the Rattling Brook hydroelectric plant in Central Newfoundland.
Rattling Brook began operation in 1958 and now requires extensive upgrading.
‘The improvements to the Rattling Brook hydroelectric plant will provide additional clean energy that will displace approximately 10,500 barrels of oil on an annual basis. Given the current cost of fuel, this project comes at a very good time for our customers,” said Karl Smith, President and Chief Executive Officer of Newfoundland Power.
The company received approval of its 2007 Capital Budget from the Newfoundland and Labrador Board of Commissioners of Public Utilities. Other highlights of the budget include rebuilds of major transmission lines on the Bonavista Peninsula, Bay de Verde Peninsula and Southern Shore.