Benefits of Bear Mountain Wind - Answer to Editorial

Recently there have been articles written in the local papers that question the opportunites of the Peace Energy Cooperative membership to participate in the benefits of the wind park. Copied below is the response to an editorial written in the Dawson Creek Daily News. This response was published on September 6, 2006.

The Bear Mountain Wind Park is a grassroots project that began with a local group of like-minded individuals who were interested in renewable power options for B.C. We strongly believe that this project will put Dawson Creek on the map in a number of significant ways. First, wind is a quality renewable power resource. Second, the project includes a royalty agreement for Peace Energy and the possibility of local ownership through a cooperative model; thereby keeping a strong local interest in the project. Finally, the Bear Mountain Wind Park is scheduled to be the first wind park to be operational in British Columbia – providing a clean, renewable power source for the people of B.C.

While we at the Peace Energy Cooperative were pleased to learn of Bear Mountain Wind LP’s environmental approval from the Government of British Columbia in mid August, we take this approval and its related commitments seriously. Our aim, and that of Bear Mountain Wind LP is to make this renewable energy development the best possible project for Dawson Creek and the B.C. Peace. Bear Mountain Wind LP has already begun working with its project partners, including Peace Energy Cooperative on addressing a number of environmental commitments and has assured us that they will meet or exceed every commitment required by the B.C. government.

Recent news articles have contemplated what benefit might flow to Peace
Energy Cooperative members from the Bear Mountain Wind Park project. This is an excellent question.

There are a number of ways that the benefits of this project will be realized locally. Investment will be available to the community as members of Peace Energy Cooperative. Peace Energy has reserved for itself, as part of the Bear Mountain project, the right to be involved in an ongoing way. We have received the basic information that we need to make our plans and Peace Energy asked for, and has been given, a reasonable time frame from Bear Mountain Wind LP to decide how best to proceed. Finally, it is important to note that a project of this magnitude would not be able to go forward without our partners. The development expertise of Aeolis Wind Power Corporation, coupled with the financial commitment, project management and construction experience of AltaGas Income Trust are critical to making this local project a reality.

At this time Peace Energy Cooperative has the right to invest up to ten percent in Bear Mountain Wind. The board of Peace Energy is now using the new information that it has received and is creating a business plan with the assistance of its legal and financial consultants. The basic idea is that we will offer units of the Peace Energy investment in Bear Mountain Wind to our members. We expect this legal process of preparing the investment offering structure to take approximately two months. Assuming we go forward with our option to invest in the development of the Bear Mountain Wind Park, our members will then have the opportunity to invest in the project through Peace Energy.

In addition, Peace Energy has ensured wind power profits will be staying in the community in the form of royalties as part of our initial investment in the project. This project retains a strong local component and on behalf of all members of Peace Energy Cooperative, we would like to thank our members and the community for their ongoing support and interest in the Bear Mountain Wind Park.

Dr. Chris Garwah, Director
Valerie V. Gilson, Executive Director
Peace Energy Cooperative