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[GREAT LAKES POWER INC. LOGO]

                                  NEWS RELEASE

        GREAT LAKES POWER ANNOUNCES UPDATE ON GOING PRIVATE TRANSACTION

TORONTO, JANUARY 19, 2001 - Great Lakes Power Inc. (GLZ:TSE) (the
"Corporation") today announced that the Independent Committee, appointed by the
Board of Directors to review the proposed offer by Brascan Corporation to
acquire the minority shareholdings of Great Lakes pursuant to a going private
transaction, has determined that the proposed transaction is in the best
interests of the Corporation and is fair from a financial point of view to the
Corporation's minority shareholders and to the holders of its Convertible
Debentures.

Following a review of the Independent Committee's report and recommendations
today, the board unanimously recommends that the Corporation's shareholders
vote in favour of the proposed transaction at a Special Meeting of Great Lakes
to be held on Wednesday, February 28, 2001. The record date for this meeting is
January 16, 2001. Mailing of the meeting materials, including the Management
Information Circular containing the report of the Independent Committee, will
take place on or about January 24, 2001.

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Great Lakes Power Inc. generates, transmits and distributes electricity in
northern Ontario and western Quebec, and has ownership and operating interests
in other power generating facilities in Canada and the United States.

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For more information, please contact:
Media:                                       Shareholders and Investors:
Edward C. Kress                              Alan V. Dean
Chairman and Chief Executive Officer         Vice-President and Secretary
(416)363-9491                                (416)956-5124