NaiKun cash position good until 2014

  • Dec. 17, 2010 8:00 p.m.

NaiKun Wind has sufficient cash resources to see it through until 2014 and beyond. The company just announced financial results for its year-end (Sept. 30), in a year which saw the company undertake substantial restructuring efforts. The company ended the year with $7.78 million in cash and cash equivalents compared to $14.29 million at the end of September 2009. According to a recent news release, NaiKun Wind’s estimated cash requirement for operations for 2011 is $1.5 million. NaiKun Wind initiated a strategic review in June after its unsuccessful bid for a contract in BC Hydro’s most recent Clean Power Call. The company hoped to build a 396 MW offshore wind project in Hecate Strait that would provide electricity for 130,000 homes. The company cut monthly spending 70 percent by the end of September with personnel changes, remuneration adjustments, office downsizing and other means. NaiKun still believes BC Hydro will be seeking more green electricity to meet provincial self-sufficiency targets and to meet legislated Greenhouse Gas obligations.

Just Posted

Nations coming together: Haida pole raised at opening of Heiltsuk Big House

Old Massett’s Kihlguulaans’ ‘Haida/Heiltsuk Peace Pole’ part of Bella Bella Big House ceremony

Houston homicide suspect remanded in custody

A Houston man accused of the second degree murder of Elija Dumont… Continue reading

Council briefs: The Village of Queen Charlotte

More money for village in third-quarter, new equitable gift giving policy

William Griffin arrested in Houston homicide

RCMP have now arrested William Griffin, the man wanted in connection to… Continue reading

Fashion Fridays: Holiday outfits on a budget

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

PHOTOS: NHL honours B.C. grandma’s battle against cancer in special match

Shea Theodore’s grandmother Kay Darlington dropped the puck at a special ‘Hockey Fights Cancer’ game

University of Victoria threatens any athletes who speak about rowing coach probe

Barney Williams has been accused of harassment and abuse

B.C.’s largest catholic archdiocese names 9 clergymen in sex abuse report; probes ongoing

Vancouver Archdioces presides over 443,000 parishoners in B.C.

Smudging in B.C. classroom did not affect Christian family’s faith, says school district lawyer

Lawyers make closing arguments in a Port Alberni case about the Indigenous cultural practice

Canadian Forces member charged with possessing magic mushrooms in Comox

Master Cpl. Joshua Alexander, with the 407 Maritime Patrol Squadron, facing two drug related charges

Most B.C. residents, including those hit by 2018 storms, not prepared for outages: report

Create an emergency kit, BC Hydro says, and report all outages or downed lines

Study finds microplastics in all remote Arctic beluga whales tested

Lead author Rhiannon Moore says she wasn’t expecting to see so many microplastics so far north

Services needed in B.C. for early-onset Alzheimer’s disease patients: doctor, advocates

More patients are being diagnosed with Alzheimer’s at an earlier age

Most Read