Maxim Power Corp.
TSX : MXG

Maxim Power Corp.

June 13, 2008 14:02 ET

Maxim Power Corp. ("MAXIM") Receives Regulatory Approvals for Deerland Peaking Station, Completes HR Milner Turnaround, and Announces Appointment of Vice President, Operations

CALGARY, ALBERTA--(Marketwire - June 13, 2008) -

Deerland Peaking Station

MAXIM (TSX:MXG) is pleased to announce that it has received regulatory approvals from the Alberta Utilities Commission and Alberta Environment to construct and operate the Deerland Peaking Station, a 190 MW natural gas-fired peaking facility. The station will be located immediately adjacent to the existing Deerland high voltage substation in Alberta's industrial heartland, an area expected to experience significant growth in electrical demand.

MAXIM has an option to lease up to 30 acres of land for the station. This is an attractive asset as it provides land for future expansion. MAXIM expects peaking requirements to continue to grow to meet overall demand growth and to provide firm backup for additional intermittent wind resources.

The Deerland Peaking Station will constructed in two 95 MW phase with each phase configured with two General Electric LM6000 combustion turbine generator packages. Commercial operation for each of the phases is expected to be achieved in 2009 and 2010, respectively, subject to electricity market conditions and to MAXIM's ability to conclude all commercial arrangements necessary to support construction.

HR Milner Turnaround

MAXIM completed the annual turnaround of the HR Milner facility on time and within budget. The facility was taken offline on March 28, 2008 and resumed service eight weeks later on May 26, 2008. Post turnaround the facility operated at a derated capacity of 120 MW while safety valve certifications were carried out and was ramped up to 136 MW (net to grid) on May 30, 2008.

The 2008 turnaround included refurbishment of major components such as the generator and steam turbine, and other projects that will lengthen the economic life of the plant. MAXIM expects to realize improved output and efficiency which will result in increased sales of electricity, lower fuel costs per unit of output and positive contributions towards meeting the facility's provincial emissions intensity targets.
Appointment of Officer

MAXIM is also pleased to announce the appointment of Mr. K. Jamie Urquhart as Vice President, Operations effective July 7, 2008. Mr. Urquhart has collectively over eighteen years of experience in the electric and oil and gas industries and most recently was the Chief Operating Officer of an independent power company.

About MAXIM

Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power plants. MAXIM now owns and operates 34 power plants in Western Canada, United States and France, having 585 MW of electric and 132 MW of thermal generating capacity. Upon closing the acquisition of the Pittsfield Power Plant, MAXIM will own 35 power plants having 755 MW of electric and 132 MW of thermal generating capacity. MAXIM will continue to execute on its strategy as an independent power producer and is targeting significant growth through acquisitions and development of power projects which utilize hydrocarbon based fuels and renewables in the markets of Western Canada, United States and France. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward looking statements as required pursuant to applicable securities laws.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Maxim Power Corp.
    John R. Bobenic
    President and CEO
    (403) 750-9300
    or
    Maxim Power Corp.
    Mike Mayder
    Finance and CFO
    (403) 750-9311
    Website: www.maximpowercorp.com