The following is yesterday's news release from ONA Energy Inc.
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info@onaenergy.com
Thank you,
Ona Energy Inc.
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ONA ENERGY’S YONGXING POWER PLANT TO BE CONNECTED TO THE CHINA NATIONAL GRID SYSTEM
Vancouver, British Columbia, April 7, 2008:
ONA Energy Inc. ("the Company") (CNQ:OEIX / Frankfurt: O3X) is pleased to announce that further to the Company’s March 6, 2008 news release, the Management of Yongxing Power Plant Corporation (YPPC), the Company's majority owned subsidiary, has reached agreement with the State Grid Corporation of China (State Grid)
www.sgcc.com.cn/ywlm (a state-owned enterprise) to take over the reconstruction and maintenance of the 20 km transmission line currently owned and operated by YPPC.
Under the agreement, YPPC will turn over the rights to the 20 km transmission line to the State Grid, and in return the State Grid will install a new and improved transmission system designed to withstand more severe winter conditions. This work is scheduled to be completed no later than May 30, 2008. The State Grid will be responsible for all design, installation and all maintenance costs of the transmission system from the time of the turnover.
The State Grid Corporation of China is the largest electric power provider in China, with a registered capital of 200 billion RMB and its service area is equal to 88% of the national territory covering 26 provinces, autonomous regions and municipalities. The State Grid is directly under the jurisdiction of the Central Government and the Chinese President is its legal corporate representative. As the State Grid is under the presidential order to restore the nation’s damaged transmission system, they will have first priority in obtaining materials and labour required to restore the YPPC transmission system.
"We are pleased to have the State Grid Corporation participate in the YPPC power plant project." said John Wong, President and CEO of ONA. "Our plant will now be connected to China's national grid, a stable and reliable transmission system, which will give us a much larger market to sell our power to. In addition, this transaction will substantially reduce YPPC's operating costs as the rebuilding and ongoing maintenance costs relating to the 20 km of transmission lines will now be taken care of by the State Grid Corporation." YPPC is a Sino-Foreign joint venture company constructing an environmentally friendly power plant in the Yongxing County, Hunan province of China. The power plant will be classified as a comprehensive utilization of waste-to-energy power plant that burns up to 75% coal tailings (a coal mining waste residue) to produce clean energy. The power plant will also comply with the latest NDRC guidelines of achieving very low NOx , SO2 and particulate matters (flyash) emissions.
ONA Energy Inc. (
www.onaenergy.com) is a Canadian-based international energy company focused on the acquisition and development of power generation projects.
For information on the Ona Energy Inc. please contact:
John F. Wong, P. Eng., President
Tel.: (604) 685-2542
Email: info@onaenergy.com
Or visit our website at
www.onaenergy.com