Alcan Inc. announced that it intends to review the British Columbia Utilities Commission (BCUC) decision to reject the amended and restated Long-Term Energy Purchase Agreement (LTEPA) between the Company and BC Hydro with regard to its investment plan in Kitimat, British Columbia.
"We are disappointed with the BCUC decision and will be studying it closely to better understand the Commission's rationale and to determine the potential impact on the feasibility and timing of the Kitimat Modernization Project.", said Michel Jacques, President and Chief Executive Officer, Alcan Primary Metal Group. "We understand that this period of uncertainty will be difficult for the region affected by the BCUC decision."
An approval by the BCUC was one of three conditions set by Alcan for final go ahead of the Kitimat Works Modernization Project at the time of announcement on August 14th, 2006. The other two key conditions are the resolution of environmental permitting issues and a long-term labour agreement to ensure stability during the planning, the construction and the start-up of the Modernization Project
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