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Summit Power & Bluesource Announce Agreement On CO2 Management for One of the World’s Largest Carbon Capture & Storage Projects

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May 12, 2009

CALGARY, Alberta – Bluesource Canada, a subsidiary of Bluesource LLC, today announced that it was responsible for the registration, on the Alberta Emissions Offset Registry, of 1.11 million tonnes of verified emission offsets by the deadline of March 31, 2009 for the 2008 Alberta Compliance reporting period. This was the first full-year period for the Specified Gas Emitters Regulation in Alberta, North America’s first regulated carbon trading market.

A total 3.54 million tonnes of emission offsets were registered in the 2008 compliance reporting period for March 2009 submission under the Government of Alberta’s Specified Gas Emitters Regulation. This represents a 137% increase in offset registration volume, over the 1.49 million tonnes registered in the 2007 compliance reporting period. Blue Source’s registered tonnage represented over 31% of all volumes registered on the system.

The emission offsets created and transacted through Bluesource Canada were thoroughly reviewed by third-party verifiers. Offset opportunities were created in various areas including agricultural sequestration through no-till farming practices, biomass carbon reduction projects involving the avoidance of methane creation through the destruction of wood waste used to generate electricity, carbon capture and storage through acid gas injection, the capture of methane emissions from a wastewater treatment project and through aerobic composting.

“We were successful in identifying and documenting numerous high quality projects with substantial benefit to the environment and offered a variety of offset opportunities to industries,” said Dave LaBarre, Executive Vice President of Bluesource LLC. “Our business partners who developed these offsets were rewarded with terrific returns on their investments in emission reduction activities and large emitters further benefited with the ability to purchase quality offsets as an alternative to what they would pay to the government’s Climate Change and Emissions Management Fund.”

Several leading Alberta industries worked with Bluesource to transact on high-quality environmental projects to offset their greenhouse gas emissions, including AltaGas Income Trust, one of Canada’s largest natural gas and electricity infrastructure organizations.

The Alberta Specified Gas Emitters Regulation began in the summer of 2007 with the goal of reducing the emissions of every industrial facility that emits more than 100,000 tonnes of CO2 per year. Alberta’s industrial facilities are mandated to reduce GHG emissions by 12 percent of their average 2003–2005 emissions during the reporting period.

To facilitate compliance in the Alberta system, emitters may pay into Alberta’s Climate Change and Emissions Management Fund $15 per Tonne, invest in projects that reduce their physical emissions, or purchase offsets on the Alberta registered market. As the only regulated greenhouse gas emissions (GHG) market in Canada, Alberta large emitters could face steep financial penalties for not meeting their specified reductions.

About Blue Source, LLC

Bluesource offers businesses multiple approaches for reducing and managing greenhouse gas emissions. Blue Source provides access to capital to fund project development, works with companies on developing projects and oversees production of long-term Verified Emission Reductions (VERs). Bluesource Canada is a leader in Canada’s domestic offset opportunities with a supplier portfolio of more than ten million tonnes of emission offsets. Bluesource Canada’s technical division leads in technical expertise for protocol development and offset identification. For more information visit: www.bluesource.com.

– See more at: http://bluesource.com/news/view/Summit-Power-and-Blue-Source-Announce-Agreement-On-CO2-Management-for-One-of-the-World-s-Largest-Carbon-Capture-and-Storage-Projects#sthash.LNSHLzpx.dpuf

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