TERIC Power selected for participation in SaskPower's Power Generation Partner Program 

 

March 1, 2019

SaskPower has approved the first selection of customer projects that will generate and sell carbon-neutral electricity to SaskPower as part of their new Power Generation Partner Program (PGPP).
 
The PGPP is a specialized program that incentivizes companies to capture previously flared or vented natural gas and convert it into electricity, thereby significantly reducing their greenhouse gas emissions.
 
The incentive is provided for the power-generators, through SaskPower purchasing the electricity at a fixed price with the purchase price escalating annually over the 20-year contract term.
 
Through joint-venture arrangements with its oil production partners, TERIC Power (TERIC) will develop a portfolio of 4 power generation projects constituting 8.3MW of electricity generation:
 
  1. TERIC Power Site 1 = 1,000kW
  2. TERIC Power Site 2 = 1,500kW
  3. Enerplus Corporation Neptune Site = 800kW
  4. Whitecap Resources Inc Eagle Lake Site = 5,000kW
 
“A facility that generates a valuable electricity commodity from a previously wasted energy source creates a very welcome additional revenue stream for the producer,” said TERIC Vice-President of Development Craig Barnes. “We would like to thank SaskPower for leading efforts to reduce the environmental footprint of the Saskatchewan electrical energy mix, whilst providing an economical program for oil and gas producers.”
 
Dr. Harrie Vredenburg, TERIC’s Board Chair commented that, “A recent Stanford University and University of Calgary study published in Science concluded that if similar programs to that of PGPP were adopted globally to minimize flaring and venting, greenhouse gases from the average barrel would fall by 23%”.
 
TERIC Power Ltd. is an Independent Power Producer (IPP) with a business focus on developing specialized portfolios of sustainable power generation projects. Founded in 2013, TERIC generates sustainable and clean power for both the Alberta and Saskatchewan electricity markets, as well as behind-the-fence power for clients seeking alternatives to traditional utility solutions.
 
This will be TERIC’s second phase of developing flare gas power generation projects for SaskPower, having successfully constructed and commissioned a 750kW generation project at Cactus Lake, SK, in October 2017.
 
For more information, contact:
 
Craig Barnes, TERIC Power Ltd.

Email: craig.barnes@tericpower.com