CALGARY, ALBERTA--(Marketwire - April 19, 2012) - Maxim Power Corp. (TSX:MXG.TO - News) ("MAXIM" or the "Corporation") announced today that the Alberta Utilities Commission ("AUC") has rendered its decisions on complaints made by Milner Power Inc. ("Milner") on transmission loss factor rules and loss factor methodologies adopted by the Alberta Electric System Operator ("AESO") and applied in the Alberta wholesale electricity market for the periods from 2006 to 2008 and from 2009 to 2011.
On August 17, 2005 MAXIM's wholly-owned subsidiary, Milner Power Inc., submitted a complaint to the AUC (AUC Application 1606494) stating that the then newly approved loss factor rules and methodologies used by the AESO failed to comply with the Transmission Regulation under the Electric Utilities Act and, as a result, Milner has suffered a financial loss. Loss factors are assigned to each generator within the Province and are used to recover the cost of energy losses on the transmission system.
On April 16, 2012 the AUC rendered decisions 2012-104 and 2012-105 on this matter. The AUC has upheld the complaint made by Milner that the ISO Line Loss Rules contravene the Transmission Regulation.
The AUC has indicated that it will proceed to the next phase of the proceeding and is seeking submissions from all of the parties on how best to proceed. MAXIM anticipates that these proceedings will establish compensation to MAXIM and rule changes with respect to transmission line losses.
Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power projects. MAXIM currently owns and operates 40 power plants in western Canada, United States and France, having 788 MW of electric and 111 MW of thermal net generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.