MAXIM POWER CORP. Maxim Power Corp. responded to a fire at its 204 MW Milner 2 facility located near Grande Cache, Alberta. During the afternoon of September 30, 2022, a fire occurred at the M2 facility.
Emergency crews were dispatched and quickly extinguished the fire. MAXIM holds safety as its highest priority for its people, community and emergency responders and reports that all personnel involved in the incident are safe. The appropriate authorities have been informed and an investigation as to the cause of the fire and extent of the damage is currently underway.
MAXIM is also in the process of evaluating an insurance claim for damages and future lost earnings. As previously reported, the M2 facility has been offline since early September for cold commissioning activities related to the Combined Cycle Gas Turbine (“CCGT”) expansion of M2. As a result of this incident, MAXIM anticipates that the timing of the hot commissioning activities and the commercial operations date, of the CCGT expansion of M2, will be impacted.
Damages could cause a significant delay to the commissioning and operations of the CCGT expansion of M2. MAXIM does not currently have any forward financial or physical Alberta power positions in place and its forward financial natural gas long position does not extend beyond the current month. Further information will be provided as it becomes available.
