New York, NY (PRWEB) September 6, 2005
Laidlaw Energy Group, Inc. (Ticker Symbol: ÂLLEGÂ) announced today that it has completed several key milestones in connection with its Buffalo area renewable energy project. The project involves the conversion of a natural gas fueled cogeneration plant into one that will solely utilize a renewable fuel source - clean wood chips.
The Project has a long-term power purchase agreement with Niagara Mohawk Power Corporation, a National Grid Company, with approximately 16 years remaining. In addition to providing approximately 7 megawatts of electricity to New York homes and businesses, the plant will also generate enough heat and power to operate an on-site hardwood lumber dry kiln operation.
The New York State Energy Research and Development Authority (NYSERDA) has provided LLEG with $1 million in grant funding for the project to help move the project forward as part of New York State's overall strategy to increase the use of clean energy generation as directed by Governor George Pataki.
LLEG has completed the design and engineering for the project, procured the requisite equipment and entered into an agreement that provides for the fixed price construction of the project. LLEG has also submitted an application to the New York State Department of Environmental Conservation to modify the facilityÂs existing air permit in order to allow it to utilize wood fuel rather than natural gas. LLEG expects the proposed revision of the permit to be issued within the next few weeks. LLEG currently expects the facility to resume commercial operations during the summer of 2006.
During this period of extremely high oil and natural gas prices, LLEG believes that its fuel conversion project can serve as a role model for other projects throughout the region, where renewable fuel sources used for electric generation can be coupled with the thermal needs of manufacturing businesses to result in high rates of efficiency and favorable economics. Such projects have the potential to serve as a driving force behind lower energy costs, reduced dependence on foreign oil and a cleaner environment, as well as the retention and creation of manufacturing jobs. Indeed, in a letter of support for the project to the NYSERDA, Senator Hillary Rodham Clinton referred to this project as: Âsmart for the environment, smart for our natural security, and smart for the local economy.Â
About Laidlaw Energy Group
Laidlaw Energy Group (LLEG) is a developer of clean energy facilities that produce electricity for sale to local utilities from renewable and other environmentally superior fuel sources. LLEGÂs mission is to build and manage a profitable portfolio of renewable and clean energy generation facilities through development, acquisition, conversion of existing facilities and through partnering with manufactures that have significant electric and thermal needs. LLEG is headquartered in New York, New York. For more information on LLEG, please visit our website at LaidlawEnergy.com or NYENRG.com.
This communication contains statements expressing expectations of future events and/or results which may include, without limitation, statements concerning anticipated financial performance, business prospects, technological developments, potential markets, new products, research and development activities and similar matters. Such statements constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All statements based on future expectations rather than historical facts are forward-looking statements that involve a number of risks and uncertainties, and LLEG cannot provide assurance that such statements will prove to be correct. LLEG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Michael B. Bartoszek