P.E.I. sells renewable energy credits
Last Updated: Thursday, September 24, 2009 | 11:31 PM AT
CBC News
Wind turbines at East Point Wind Farm. (CBC)TD Bank Financial Group is buying renewable energy credits from the East Point Wind Farm in eastern P.E.I., marking what could be the beginning of a new export product for the province.
Over 18 months, the bank will buy certificates equal to more than 10,000 megawatt hours of wind-generated electricity and, in essence, buy "green" electricity for its operations in P.E.I. and Nova Scotia.
A spokesman for TD Bank said the purchase — which will cost about $50,000 for a year and a half — is part of an effort to make the bank carbon-neutral by next year.
Environment Minister Richard Brown said with 80,000 megawatt hours worth of electricity still to sell, the revenue will fund more renewable energy projects in the province.
"Hopefully this will spur sales in other areas," Brown said.
The East Point Wind Farm generates 90,000 megawatt hours of electricity every year and is certified under Environment Canada's Environmental Choice program.
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