Oceanic Wind Energy Inc V.NKW.H

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Hecate wind will be harnessed: NaiKun
November 15, 2010 2:45 PM
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The wind resource in Hecate Strait is too good to be overlooked and the area will inevitably host offshore wind energy generation in the future, according to NaiKun Wind.
NaiKun president Michael O'Connor says the company's singular focus is to obtain a contract to supply electricity from its offshore wind project. Although the company was not successful in recent BC Hydro Clean Power Calls, the company is still confident about its 396 MW offshore wind project and believes that outside the formal power call process, there is still an opportunity to procure a contract.
In a press release, Mr. O'Connor says there has been a precedent for a contract award outside the formal call process, especially for projects that bring substantial economic benefits for specific regions of the province.
"With the prospect of over $250 million of direct spending in BC's north coast region during construction and other opportunities limited only by the creativity and ability of the Province to make the most of them, NaiKun Wind's project makes sense from the perspectives of power supply and regional economic development," said Mr. O'Connor.
The economic slowdown has temporarily lessened demand for electricity, but Mr. O'Connor believes the decade ahead will bring a dramatic increase in the demand for clean electricity as carbon-based fuels rise in price.
NaiKun received a provincial environmental assessment in December 2009 and is still waiting to hear from the Federal Environmental Assessment office and the Council of the Haida Nation on their environmental assessment process.
The company reported holding $8.4 million in cash at the end of June and cut monthly spending 70 percent by the end of September through personnel changes, remuneration adjustments, office downsizing and other means.
Office hours have been cut to bare bones in Masset, Skidegate and Vancouver. Chris Ashurst is still working seven hours a week for NaiKun and can be found at The Ground Café in Masset on Tuesday's between 10 and 1pm. The Masset Energy Centre is now closed. Tana Hooper is at the Skidegate office (at the Skidegate Commercial Centre) from 12 noon to 4pm on Saturdays.
In addition, Wilbur Lang has been appointed vice-president of finance and accounting and chief financial officer. According to a NaiKun news release, Mr. Lang has 25 years experience in finance, administration and operations and has already made valuable contributions to the company's restructuring effort.