12 June 2003 – TransCanada Corporation Wednesday said that it has agreed to develop a 550 MW natural gas-fired cogeneration power plant in Québec.
The power plant will be located in the Bécancour Industrial Park, near Trois-Rivières and will supply its entire power output to Hydro-Québec Distribution under a 20-year power purchase contract. The plant will also supply steam to certain major businesses located within the industrial park.
“TransCanada already has a significant investment in Québec through our natural gas transmission business,” said Hal Kvisle, TransCanada’s chief executive officer. “We look forward to increasing our investment in the province with the Bécancour Cogeneration Project as well as future projects in natural gas transmission and power generation.”
The cost of the Bécancour project is estimated at approximately C$500m ($370m). Construction of the facility is expected to begin next year, pending receipt of regulatory approvals. It is expected the plant will be in service in late 2006.
TransCanada focuses on natural gas transmission and power services. It has a network of approximately 38 000 km of pipeline transports the majority of Western Canada’s natural gas production to the fastest growing markets in Canada and the United States. Including the Bécancour plant, TransCanada owns, controls or is constructing more than 4 500 MW of power – an equal amount of power can meet the needs of about 4.5 million average households.