Vector Wind Energy Inc.

Vector Wind Energy Inc.

December 14, 2006 12:57 ET

Vector Wins Bid In Newfoundland

OTTAWA, ONTARIO--(CCNMatthews - Dec. 14, 2006) - Vector Wind Energy Inc. ("Vector") (TSX VENTURE:VWE) announced today that Newfoundland & Labrador Hydro ("NLH") has awarded Vector a contract to provide 24 Megawatts of wind power from Vector's Fermeuse wind project. The award is subject to finalization of documentation which is expected to be completed early in 2007. The project is expected to become operational by the end of 2008 and to provide enough power for 5,500 average homes. Fermeuse is located on the Avalon Peninsula approximately 60 kilometres south of St. John's.

Vector also confirmed that the Fermeuse announcement is not expected to affect the proposed acquisition by Canadian Hydro Developers Inc. announced on October 12, 2006. The Canadian Hydro acquisition is subject to approval by Vector shareholders at a special shareholders meeting to be held on December 21st 2006.

Vector is a developer of wind energy projects in Canada. Currently Vector has 20 active project areas around the country at various stages of exploration and development. These projects have the potential to support over 1,000MW of wind energy capacity.

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Words such as "should", "believes", "expects", "intends", "anticipates", "potential" or similar expressions in this document connote forward looking statements which predict the outcome of future events. Future events are subject to various risks and uncertainties which may cause actual outcomes to differ materially from that predicted by such forward looking statements. Please refer to our publicly filed documents for a discussion of various risk factors to which our Company is subject and which may affect materially the outcome of future events.

Shares Outstanding: 17,714,687

The TSX Venture Exchange has in no way passed upon the merits of any transaction described in this press release and has neither approved nor disapproved its contents.

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