Western GeoPower Terminates Power Purchase Agreement With PG&E
VANCOUVER, BRITISH COLUMBIA--(Marketwire - February 08, 2008) - THIS
NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
OR TO UNITED STATES OF AMERICA NEWS SERVICES.
Western GeoPower Corp. (TSX VENTURE: WGP) (FRANKFURT: WE6.F), a
renewable energy development company, today announced that it has
exercised its right to terminate the Power Purchase Agreement dated
May 9, 2007 between its wholly-owned subsidiary Western GeoPower,
Inc. and Pacific Gas & Electric Company ("PG&E") of San Francisco,
California, for the supply of electricity from the proposed Western
GeoPower Unit 1 at The Geysers Geothermal Field in California.
California Public Utilities Commission approval was not received
within the time-frame stipulated in the Power Purchase Agreement.
"The termination of the Power Purchase Agreement will not affect the
projected start of commercial operations in early 2010 for the
Western GeoPower Unit 1 power plant said Kenneth MacLeod, President
and CEO of Western GeoPower."
The Geysers Geothermal Field, located 75 miles north of San
Francisco, California, is the largest producer of geothermal
electricity in the world. Commercial geothermal power has been
generated continuously at The Geysers field since 1960, the present
generation level being about 900 megawatts of clean, baseload
electricity. Western GeoPower's Unit 1 project is situated in the
south-western region of The Geysers field in Sonoma County.
Corporate Overview
Western GeoPower Corp. is a renewable energy company dedicated to the
development of geothermal energy projects for the delivery of clean,
baseload electricity generation. The Company is developing The
Western GeoPower Unit 1 geothermal power plant at The Geysers
Geothermal Field in Sonoma County, California, United States. Western
GeoPower is also developing the South Meager Geothermal Project in
British Columbia, Canada.
On behalf of Western GeoPower Corp.
Kenneth MacLeod, President & CEO
Cautionary Note Regarding Forward-Looking Statements
Statements in this release that are forward-looking are subject to
various risks and uncertainties concerning the specific factors
identified above that reflect the Company's expectations and
projections about its future results. The Company has tried whenever
possible to identify these forward-looking statements which include
but are not limited to, words such as "anticipates," believes,"
"estimates," "expects," "plans," "intends," "potential," and similar
expressions. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance
and actual results or developments may differ materially from those
in the forward-looking statements. Investors are cautioned that any
such statements are not guarantees of future performance and that
actual results or developments may differ materially from those
projected in the forward-looking statements. The Company disclaims
any obligation or intention to update or to revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts:
Western GeoPower Corp.
Kenneth MacLeod
President & CEO
(604) 662-3338 or Toll Free: 1-866-662-3322
Email: info@geopower.ca
Western GeoPower Corp.
Investor Relations
Email: IR@geopower.ca
Website: www.geopower.ca