Press Release 2004
TORONTO, April 7, 2004 – Brascan Power, a wholly owned subsidiary of Brascan Corporation, (BNN: NYSE, TSX) today announced that it has received approval from the Ontario Energy Board to proceed with a C$85 million investment to upgrade its transmission lines in northern Ontario. This initiative will increase the overall reliability and power flow capacity of a portion of the provincial transmission system in northern Ontario.
"The approval from the Ontario Energy Board paves the way for us to enhance and reinforce our transmission systems in northern Ontario and strengthen the reliability of the Ontario power system. This initiative increases our investment in our Ontario transmission business, which is a steady contributor to our cash flows, and also reconfirms our commitment to the Ontario power market, one in which we have invested approximately $500 million in new developments and acquisitions since market opening two years ago", commented Harry Goldgut, Chief Executive Officer of Brascan Power.
The project includes the replacement of a total of 164 kilometers of transmission line and numerous transformer station modifications. In addition, the new line will be equipped with a fiber optic communication cable to complete the link from Sault Ste. Marie to Wawa for improved data transmission and communications between facilities in the region.
Brascan Power comprises the power operations of Brascan Corporation. With approximately US$2 billion in total assets, primarily hydroelectric facilities in northeastern Canada and the United States, Brascan Power one of the lowest cost producers of hydroelectric power in North America and one of the largest private sector producer of electricity in Ontario and Quebec. Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of US$16 billion and a further US$7 billion of assets under management. This includes 55 premier office properties and 47 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively.
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For more information, please visit our web site at www.brascancorp.com or contact:
Katherine C. Vyse
Senior Vice-President
Investor Relations and Communications
Tel: 416-369-8246
e-mail: kvyse@brascancorp.com |
