CALGARY,
AB, Sept. 18, 2024 /CNW/ - Canadian Utilities
Limited (TSX: CU)
- ATCO Energy Systems advances Alberta energy infrastructure with filing of
Yellowhead Mainline application with Alberta Utilities
Commission.
- Application demonstrates clear need for new infrastructure to
support energy, petrochemical, building materials and hydrogen
projects that use natural gas and carbon capture technology to
produce products the world demands with lower emissions than
previously possible.
- The Yellowhead Mainline project is expected to expand the
capacity and enhance the efficiency of the province's natural gas
network, delivering the energy required for Alberta's growing industry and
population.
- Expected to create thousands of direct jobs during construction
and enable more than $20 billion of
investment and associated employment in Alberta while also providing additional market
access to producers.
ATCO Energy Systems today announced the filing of a
comprehensive regulatory application that establishes the need for
the Yellowhead Mainline natural gas project and represents the
first of two applications to the Alberta Utilities Commission. This
significant milestone in the advancement of the project allows for
further major steps, including long-lead material and equipment
orders and entering into other commitments once approved.
"Alberta has recognized that a
healthy and competitive natural gas sector is vital to jobs and the
prosperity of all Albertans and can have a major role in helping
meet the growing global demand for reliable and responsible
energy," said Wayne Stensby, Chief
Operating Officer, ATCO Energy Systems. "We are excited for the
Yellowhead Mainline project to become an integral part of the
province's energy infrastructure and for ATCO to continue to
deliver a safe and reliable energy supply for our province's
growing population and industry."
The jurisdiction for this project is entirely within the
Province of Alberta, which has
well-established, constructive and efficient regulatory processes.
In a demonstration of the importance for this critical
infrastructure project, over a dozen letters of support from major
employers, industry associations, economic development agencies and
municipal governments were filed along with the application.
The Yellowhead Mainline project is expected to create
approximately 2,000 jobs during construction and will provide gas
supply for the more than $20 billion
of investment and associated employment in Alberta by customers, including the Dow Fort
Saskatchewan Path2Zero project.
The project consists of approximately 200-230 kilometres of
high-pressure natural gas pipeline and related control and
compression facilities that will run from the Edson area to the northeast Edmonton area.
Since announcing the project in May of 2024, ATCO Energy Systems
has identified several potential routes and completed preliminary
engineering to further refine the delivery capability and the scope
to provide an initial cost estimate. The project is expected to
have the capability to deliver about 1,200 terajoules (or 1.1
billion cubic feet) per day of incremental natural gas delivery
capacity. Total investment for the project is estimated at
$2.8 billion and will be subject to
further detailed engineering and tendering of supply contracts.
The Yellowhead Mainline is expected to be on-stream in Q4 2027
with construction planned to start in 2026, subject to regulatory
and company approvals. More information about the project can be
found at www.atco.com/yellowhead.
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 sustainable 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.
Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President, Financial Operations
Colin.Jackson@atco.com (403) 808 2636
Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
media@atco.com
Forward-Looking Information Advisory
Certain statements contained in this news release constitute
forward-looking information. Forward-looking information is often,
but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", "goals", "targets", "strategy", "future", and
similar expressions. In particular, forward-looking information in
this news release includes, but is not limited to, references to:
anticipated benefits to be generated by the Yellowhead Mainline
project, including supporting energy, petrochemical, building
materials and hydrogen projects that will use natural gas and
carbon capture technology to produce products with lower emissions
than previously possible; significant job creation, additional
market access for producers, and expanded capacity and enhanced
efficiency of Alberta's natural
gas network; the anticipated size, specifications and incremental
natural gas delivery capacity of the Yellowhead Mainline project;
the expectation that construction on the Yellowhead Mainline
project will commence in 2026 and the project will be on-stream as
early as Q4 2027; expected investment; and the expected growth of
demand for reliable and responsible energy.
Although the Company believes that the expectations reflected
in the forward-looking information are reasonable based on the
information available on the date such statements are 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 the Company's
beliefs and assumptions with respect to, among other things, the
growth of energy demand; inflation; the development and performance
of technology and technological innovations; continuing
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.
The Company's actual results could differ materially from
those anticipated in this forward-looking information as a result
of, among other things, risks inherent in the performance of
assets; capital efficiencies and cost savings; applicable laws,
regulations and government policies; regulatory decisions;
competitive factors in the industries in which the Company
operates; prevailing market and economic conditions; credit risk;
interest rate fluctuations; the availability and cost of labour,
materials, services, and infrastructure; future demand for
resources; the development and execution of projects, including
projects not proceeding on schedule or at currently estimated
budgets; 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 zero-emission and renewable fuels,
carbon capture, and storage, electrification of equipment powered
by zero-emission energy sources and utilization and availability of
carbon offsets; risks related to the activities of other industry
participants, customers, counterparties and/or stakeholders; the
termination or breach of contracts by contract counterparties; the
occurrence of unexpected events such as fires, floods, extreme
weather conditions, explosions, blow-outs, equipment failures,
transportation incidents, and other accidents or similar events;
global pandemics; geopolitical tensions and wars; and other risk
factors, many of which are beyond the control of the Company. 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 that the Company
faces, see "Business Risks and Risk Management" in the Company's
Management's Discussion & Analysis for the year ended
December 31, 2023.
This news release contains financial outlook information,
which is subject to the same assumptions, risk factors, limitations
and qualifications set forth above. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise or inaccurate and, as such, undue reliance should not be
placed on such financial outlook information. The Company's actual
results, performance and achievements could differ materially from
those expressed in, or implied by, such financial outlook
information. The Company has included such information in order to
provide readers with a more complete perspective on its future
operations and its current expectations relating to its future
performance. Such information may not be appropriate for other
purposes and readers are cautioned that such information should not
be used for purposes other than those for which it has been
disclosed herein. The financial outlook information that is
contained herein was approved and made as of the date of this news
release. The estimated total investment of $2.8 billion reflects the Company's projected
total capital expenditures in connection with the Yellowhead
Mainline project.
Any forward-looking information contained in this news
release represents the Company's expectations as of the date
hereof, and is subject to change after such date. The Company
disclaims any 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
securities legislation.
SOURCE ATCO Ltd.
