Walden North 1990 EPA Sample Clauses

Walden North 1990 EPA. ‌ 5 The original Walden North EPA was awarded in August 1990 under the 6 1989 Request for Proposals. The Walden North project achieved commercial 7 operation in June 1993 and at that time was owned by ESI Power-Xxxxxx 8 Corporation Ltd (ESI). In 1994, West Kootenay Power Ltd. (now FortisBC Inc.) 9 acquired all of the shares of ESI. 10 The original EPA had an initial 20-year term with an evergreen provision allowing the 11 contract to continue from year-to-year unless terminated by either party after 12 providing six months’ notice. The current energy price under the original EPA is 13 $ (2017$), escalating at 3 per cent per annum. 14 In anticipation of the expiry of the initial 20-year term, BC Hydro and ESI began 15 discussions in 2012 to explore the potential for an EPA renewal. At the time, a 16 10-year extension of the project was being proposed by ESI. With respect to the 17 EPA renewal, BC Hydro was unable to reach an agreement with ESI because the 18 upper limit of pricing BC Hydro was able to offer for a 10-year extension was not, as 19 indicated by ESI, adequate to recover its costs at that time. 20 Nevertheless, BC Xxxxx wanted to maintain the incremental generation and 21 environmental benefits it received as a result of the Diversion Agreement and 22 without the EPA the Diversion Agreement would terminate. Parallel to these EPA 23 discussions, BC Hydro and FortisBC Energy Inc. (an affiliate of ESI) there were 24 confidential negotiations in relation to a suite of agreements, including the gas 25 arrangements in relation to the Burrard Generating Station. The gas-related issues 26 were resolved by Order in Council 749 issued in December 2014. Around this same 27 time period, BC Xxxxx also wished to resolve the outstanding Walden North EPA 1 and Diversion Agreement issues, and we entered into the Forbearance Agreement 2 with an effective date of April 1, 2014 with the following key terms:

Walden North 1990 EPA. ‌ 5 The original Walden North EPA was awarded in August 1990 under the 6 1989 Request for Proposals. The Walden North project achieved commercial 7 operation in June 1993 and at that time was owned by ESI Power-Xxxxxx 8 Corporation Ltd (ESI). In 1994, West Kootenay Power Ltd. (now FortisBC Inc.) 9 acquired all of the shares of ESI. 10 The original EPA had an initial 20-year term with an evergreen provision allowing the 11 contract to continue from year-to-year unless terminated by either party after 12 providing six months’ notice. The current energy price under the original EPA is 13 $ (2017$), escalating at per cent per annum.