CALGARY,
AB, June 26, 2024 /CNW/ - Canadian Utilities
Limited (TSX: CU)
ATCO EnPower is thrilled to announce, that together with our
partner Shell Canada Limited, the Final Investment Decision (FID)
has been made to proceed with the first phase of the Atlas Carbon
Storage Hub. Investment in this multi-phase, open-access carbon
storage hub is a major milestone in ATCO's commitment to reduce
greenhouse gas emissions. The facility will be located east of
Edmonton and able to store
industrial emissions from the Alberta Industrial Heartland
region.
"Today's announcement marks a significant step forward in
Alberta's energy transition.
Carbon capture and storage is a
critical component of our successful energy future," said
Bob Myles, Chief Operating Officer,
ATCO EnPower. "ATCO EnPower is actively working across all aspects
of the energy transition value chain, and collaborative efforts
with government, our partners and local communities have been
instrumental in advancing this initiative."
ATCO EnPower and Shell are 50/50 partners in the Atlas Carbon
Storage Hub, which is located in the heart of Alberta's energy and petrochemical sector and
represents a significant investment in environmental stewardship
and technological innovation. The first phase of the Atlas project
is planned to be operational by 2028, anchored by CO2 volumes from
Shell's Polaris carbon capture project.
Future development of Atlas, which is subject to a future
investment decision, will be aimed at meeting both ATCO EnPower and
Shell's carbon storage needs, with remaining capacity available for
third-party emitters through open access.
The Atlas Carbon Storage Hub is integral to ATCO's
decarbonization and ESG targets. This facility is expected to
provide a resource for emitters in the Alberta Industrial Heartland
to reduce both their carbon emissions and carbon tax liability.
The Atlas Hub will leverage the lessons learned from Quest CCS,
which was built and is operated by Shell. Quest has safely stored
over nine million tonnes of CO2 since it began operations in
2015.
With operations in Canada and
Mexico, ATCO EnPower is leading
the energy transition with inspired energy solutions, including
renewable energy, carbon capture and storage, hydrogen and
derivatives, and energy storage.
Canadian Utilities Limited and its subsidiary and affiliate
companies have approximately 9,000 employees and assets of
$23 billion. Canadian Utilities, an
ATCO company, is a diversified global energy infrastructure
corporation delivering essential services and innovative business
solutions. ATCO Energy Systems delivers energy for an evolving
world through its electricity and natural gas transmission and
distribution, and international operations segments. ATCO EnPower
creates energy solutions in the areas of renewables, energy
storage, industrial water and alternative fuels. ATCO Australia develops, builds, owns and operates
energy and infrastructure assets. ATCOenergy and Rümi provide
retail electricity and natural gas services, home maintenance
services and professional home advice that bring exceptional
comfort, peace of mind and freedom to homeowners and customers.
More information can be found at www.canadianutilities.com.
ATCO Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President
Finance, Treasury & Sustainability
Colin.Jackson@atco.com
403 808 2636
ATCO Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
587 228 4571
Forward-Looking Information Advisory
Certain statements contained in this news release constitute
forward-looking information. In particular, forward-looking
information in this news release includes references to: the timing
of commercial operation of the Atlas project; the storage of
industrial emissions, including from Shell's Polaris carbon capture
project; expected future development of the Atlas project for ATCO
EnPower and Shell's carbon storage needs, with capacity to be
available for third party emitters through open access; future
carbon offsets; commitments toward reducing greenhouse gas
emissions, decarbonization, and ESG targets; future reduction of
carbon emissions and carbon tax liability.
While it is believed that the expectations reflected in the
forward-looking information are reasonable based on the information
available on the date such statements are being made and processes
used to prepare the information, such statements are not guarantees
of future performance and no assurance can be given that these
expectations will prove to be correct. Forward-looking information
should not be unduly relied upon. By their nature these statements
involve a variety of assumptions, known and unknown risks and
uncertainties, and other factors, which may cause actual results,
levels of activity, and achievements to differ materially from
those anticipated in such forward-looking information. The
forward-looking information reflects beliefs and assumptions with
respect to, among other things: the development and performance of
technology and technological innovations; collaboration with
industry participants, business partners, regulatory bodies and
environmental groups; the performance of assets and equipment; the
ability to meet current project schedules, and other assumptions
inherent in management's expectations in respect of the
forward-looking information identified herein.
Actual results could differ materially from those anticipated
in the forward-looking information as a result of, among other
things: risks inherent in the performance of assets; applicable
laws, regulations and government policies, including uncertainty
with respect to the interpretation of omnibus Bill C-59 and the
related amendments to the Competition Act (Canada); regulatory decisions; prevailing
market and economic conditions; credit risk; the availability and
cost of labour, materials, services, and infrastructure; the
development and execution of projects; prices of electricity,
natural gas, natural gas liquids, and renewable energy; the
development and performance of technology and new energy efficient
products, services, and programs including but not limited to the
use of alternative fuels, carbon capture, and storage,
electrification of equipment powered by lower emission sources and
the utilization and availability of carbon offsets; the termination
or breach of contracts by contract counterparties; the occurrence
of unexpected events such as fires, severe weather conditions,
explosions, blowouts, equipment failures, transportation incidents,
and other accidents or similar events; and other risk factors, many
of which are beyond control. Due to the interdependencies and
correlation of these factors, the impact of any one material
assumption or risk on a forward-looking statement cannot be
determined with certainty.
Readers are cautioned that the foregoing lists are not
exhaustive. For additional information about the principal risks
faced by the Company see "Business Risks and Risk Management" in
Canadian Utilities Limited's Management's Discussion and Analysis
for the year-ended December 31, 2023
(2023 MD&A).
Forward-looking information contained in this news release
represents expectations as of the date hereof, which may change
after such date. There is no intention or obligation to update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required by
applicable legislation.
SOURCE ATCO Ltd.
