NEWS RELEASE - FOR IMMEDIATE RELEASE: February 11, 2010

Clean energy sector a potential $9 billion economic star for British Columbia: PwC report

Vancouver, BC – The Independent Power Producers Association of BC today issued a report on the economic potential of British Columbia’s clean and renewable energy sector. (See below for links)

The study by PricewaterhouseCoopers LLP (PwC) reports that independent power producers could grow BC’s economy by as much as $9 billion by 2020. IPP construction could support 87,000 person-years of employment for British Columbians over the next decade, and more than 9,100 full-time jobs for their operations and maintenance.

By 2020, capital spending in the IPP sector could reach $29 billion. Government revenue - at all three levels of government - from the construction of IPPs could total $1.6 billion, while ongoing direct payments to government could reach approximately half a billion dollars annually.

“This study shows that clean energy development is a star on British Columbia’s economic horizon,” said Paul Kariya, Executive Director of the Independent Power Producers Association of BC (IPPBC). “The jobs, investment and economic benefits created by the clean energy sector will be felt in every region of the province.”

“One of the top priorities indentified in the BC government’s February 9 speech from the throne was maximizing the province’s “potential as a clean energy powerhouse and a global leader in climate action,” said Kariya. “We are pleased to see a commitment to new clean energy legislation and welcome the government’s recognition that clean energy development can play a critical role in BC’s economic future and quality of life while reducing our carbon footprint.”

The analysis is based on the IPPBC’s estimate of the growth in demand for electricity in British Columbia, on the assumption that the province will meet its goal of electricity self-sufficiency by 2016, and that exports of power will increase to a modest level of 12,000 gigawatt-hours per year. Currently, BC Hydro imports fossil fuel generated power from neighbouring jurisdictions to meet approximately 12 per cent of the province’s electricity needs.

“British Columbia has an abundance of clean and renewable power resources. It’s economically and environmentally irresponsible that we continue importing dirty power from outside the province,” said Kariya. “Instead, we should use our clean energy resources to meet our own energy needs and grow our economy, while making a meaningful difference in the battle against climate change.”

Clean energy projects also deliver significant economic benefits to First Nations and rural and remote areas of BC hit hard by the decline in the forestry sector. Many IPPs are partnered with local First Nations and are delivering economic and social benefits in their communities.

An Executive Summary of the report can be found by clicking here.

The full PwC report can be found by clicking on the report title Economic Impact Analysis of Independent Power Projects in British Columbia

The Independent Power Producers Association of BC represents 320 project developers and service providers in British Columbia’s clean energy sector. The role of IPPBC is to support the development and viability of an independent power industry that serves the public interest by providing clean, cost-effective electricity though the responsible development of electrical generation resources.

For more information, contact:

Paul Kariya, Executive Director
Independent Power Producers Association of B.C.
Phone: 604.461.4778

John Webster, Partner
PricewaterhouseCoopers LLP
Phone: 604 806 7726