Plutonic Power Corporation

Plutonic Power Corporation

February 17, 2009 19:59 ET

Plutonic Power Corporation Supports BC Provincial Government's Commitment to Global Leadership in Clean, Renewable Power

Throne Speech and Budget reaffirm industry as good for economy, job creation and long-term growth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Plutonic Power Corporation (TSX:PCC) is applauding the clear support for BC's independent power production industry outlined in yesterday's Provincial Throne Speech and affirmed today in the Provincial budget. The Government has provided a clear direction of the intention for BC to be a "global leader in wind, run-of-river, tidal, geothermal, wave, solar and other forms of clean, renewable power."

"The Throne Speech and budget solidify the valued role that clean renewable power production plays as a catalyst for economic stimulus, job creation, critical infrastructure development and distributed rural benefits," said Plutonic Power's Vice-Chair and CEO, Donald McInnes. "This support is crucial as we plan ahead to address the needs created by population growth, new energy-intensive technologies and our commitment to permanent reduction of greenhouse gas emissions."

Reaffirmation of the Province's commitment to be self-sufficient in electricity by 2016 and a reference to B.C as a "low-carbon" energy powerhouse were included in the Throne Speech, as was an outline of BC's competitive advantage in developing a new green economy. A major expansion in transmission capacity and an expanded transmission plan to encourage small scale power projects was also committed to be complete by the end of 2009.

"This is a very responsible budget that will carry us through these tough economic times," added McInnes. "For the budgets of key Ministries like Energy, Mines and Petroleum Resources to be maintained bodes well for future growth of our industry and our province and assists us in being able to help meet goals of self-sufficiency and building a legacy of green energy for BC."

To view a full PDF copy of the 2009 Throne Speech and details on the 2009 Budget visit the Government of BC's website:

About Plutonic Power Corporation

Plutonic Power's vision is to provide leadership and create a legacy through the development of renewable, reliable, clean energy. Its proposed Green Power Corridor™, comprised of 39 facilities, including the flagship $660 million, 196 MW East Toba River/Montrose Creek run-of-river project currently under construction, have the design capacity to generate enough energy to meet the annual needs of about 630,000 homes and create approximately 5,500 person years of employment. Once built, the Green Power Corridor™ could offset an estimated 4 million tons of CO2 emissions every year - the equivalent to taking as many as 650,000 vehicles off the road. Plutonic is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all its run-of-river projects. By developing its suite of projects, Plutonic Power will help British Columbia realize its goal of becoming electricity self-sufficient by 2016, meet demand utilizing 90% clean domestic generation sources and will play a significant role in the fight against climate change.

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

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