Monday, January 25, 2010 - Mississauga, ON
MISSISSAUGA, ONTARIO, January 25, 2010: Just Energy (JE.UN), one of North America's leading energy retailers is pleased to announce it will enter into a five year power purchase agreement (PPA) to purchase electricity, capacity and Renewable Energy Certificates ("RECs") from First Wind, an independent North American wind energy company. First Wind is a leading developer of wind energy projects and is focused on the development and operation of wind farms in the northeastern and western United States and Hawaii.
Under the agreement, Just Energy will purchase the entire output of capacity and RECs generated from First Wind's Steel Winds I wind energy project, located in Lackawanna, NY. In addition, as part of the agreement, Just Energy will bid and schedule the energy output from Steel Winds I into the NYISO power market. Built on a former Bethlehem Steel site, Steel Winds I is one of the largest urban wind power developments in the United States. Its eight state-of-the-art wind turbines have the rated capacity to generate over 50 million kWh of electric energy annually: enough to power about 9,000 New York homes.
"In the battle against global climate change and given the growing demand for electricity, wind power is becoming a crucial part of North America's long-term energy solution" said Ken Hartwick, Just Energy's President and Chief Executive Officer. "Our position as a leading energy retailer accords us with the responsibility to provide an increasing number of environmentally-conscious consumers with clean, renewable energy supply options. Our partnership with First Wind enables us to provide New York energy customers with green electric power from local, clean energy sources."
"We are pleased to enter into this power purchase agreement with Just Energy for the electricity, capacity and RECs from our Steel Winds I facility," said Michael Alvarez, President of First Wind. "The transaction with Just Energy is further proof that the demand for clean energy continues to be a driving force behind the energy needs of the future. We are happy to work with Just Energy to deliver green energy solutions to those customers who desire it."
About Just Energy:
Just Energy is one of North America's leading electricity and natural gas retailers with offices in Canada and the U.S. Through its affiliates under its parent, Just Energy Income Fund, a publicly traded Income Trust (TSX: JE.UN), Just Energy provides over 1.6 million residential, small to midsized commercial and small industrial customers with the peace of mind that comes from knowing that they are protected from energy price volatility. In addition, through its subsidiary National Home Services, Just Energy sells and rents high efficiency and tankless water heaters, and through its subsidiary Terra Grain Fuels, produces and sells wheat-based ethanol. Just Energy is poised to become an industry leader in providing environmentally responsible energy supply solutions to consumers across North America. Visit Just Energy at www.justenergy.com
About First Wind:
First Wind is an independent North American wind energy company focused exclusively on the development, ownership and operation of utility-scale wind energy projects in the United States.
First Wind is headquartered in Boston, Massachusetts. For more information on First Wind, please visit www.firstwind.com or follow us on Twitter @FirstWind.
Executive Vice President, Regulatory and Legal Affairs