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Archived News
Columbia Generating Station Information
December 18, 2006
News Release 06-18
Brad Peck, Corporate Communications
(509) 377-8247
RICHLAND, Wash. – Energy Northwest sold $69M in municipal bonds late last week to fund Phase III of the Nine Canyon Wind Project south of Kennewick, Wash.
The bonds were priced at an average true interest cost slightly below 4.5% with a 22-year financing term. Bond interest rates are at historic lows creating additional financial benefit for the public power utilities participating in the project expansion. As an at-cost public power agency Energy Northwest passes the benefits of lower interest rates to the participants and ultimately the electricity ratepayers of the region.
The bond sale was approved by Energy Northwest’s Executive Board at their regularly scheduled quarterly meeting in Richland, Wash., Dec. 14, 2006.
All of the participants in the Phase III development are already participants in one or both of the projects first two phases. Phase III participants and their respective shares of the power output from the expansion are:
Grays Harbor County PUD #1 (37.52%)
Franklin County PUD (25%)
Benton County PUD (18.63%)
Lewis County PUD #1 (15.71%)
Mason County PUD #1 (3.14%)
Energy Northwest’s Board of Directors passed a resolution in April 2006 authorizing the Phase III development. The public power joint operating agency expects to award construction contracts no later than May 2007 with ground breaking beginning soon thereafter.
The expansion will grow the existing 49 turbine, 64 megawatt wind project to 63 turbines capable of producing 96 megawatts at full power. Phase III is considered the final expansion opportunity for the project on the current leasehold surrounding its namesake canyon.
Energy Northwest is a joint operating agency comprised of 20 public power member utilities from throughout the State of Washington. Each member utility has a seat on the Board of Directors.
In addition to the Nine Canyon Wind Project, Energy Northwest owns and operates Columbia Generating Station (nuclear power plant), Packwood Lake Hydroelectric Project, and White Bluffs Solar Station. The joint operating agency also provides operations and maintenance services for other power generation facilities.