The British Columbia Utilities Commission has given the green light for BC Hydro to purchase one third of Teck Resources Limited’s Waneta Dam and generating facility.
British Columbia Utilities Commission approved the sale of a one-third interest in its Waneta Dam to BC Hydro for C$825 million (US$771 million).
The commission also concluded that BC Hydro's consultation with First Nations about the purchase had been adequate. BC Hydro and Teck Resources Limited will now proceed to take the necessary steps to close the transaction, with a closing expected later this month.
The deal will secure approximately 1,000 GWh of electricity annually for BC Hydro, the utility said, enough to supply 100,000 homes annually at C$64 per MWh over the life of the dam.
The Waneta Dam is located on the Pend Oreille River south of Trail, in the Canadian province of British Columbia. Its four generating units total 490 MW of capacity and produce an average of 2,800GWh of energy per year.
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