ACO.Y ATCO Ltd

ATCO Electric has reached an alliance agreement with UK-based Balfour Beatty and
Australia-based United Group Limited to assist ATCO Electric in completing its
capital program.


Within its service area, ATCO Electric will undertake a large portion of the
necessary transmission capital work identified in the 2007-2017 Alberta Electric
System Operator's (AESO) 10-year transmission system plan. In its plan, AESO
identifies the potential need for $5 billion in transmission development to
ensure a reliable supply of electricity for Albertans.


"ATCO Electric has a significant capital program and forming an alliance with
these two companies on key capital projects is a unique and sustainable way to
get this volume of work done safely and efficiently," said ATCO Electric
President, Sett Policicchio. "Our people are experts at what they do and they
will work hand in hand with our partners to develop projects responsibly and in
a way that is open, transparent and addresses the needs of both our customers
and our business partners."


ATCO Electric entered the ATCO Electric/Balfour Beatty/ United Group Alliance to
supplement its own capacity and meet the demands of its capital work program in
the context of Alberta's strong economy and the demand for skilled workers
across the province. Based on ATCO Electric's current and projected capital work
program, the estimated value of the alliance contract is approximately $700
million over the next five years. This will ensure that ATCO Electric can
continue to provide safe, reliable and cost-effective electricity to its
customers now and into the future.


Balfour Beatty and United Group Limited will provide engineering, construction,
procurement and project management services to supplement ATCO Electric's own
expertise. Both companies are recognized internationally for their quality of
work and have considerable alliancing experience.


ATCO Electric, part of the ATCO Group of Companies, delivers safe, reliable,
cost effective electric energy to customers throughout northern and east-central
Alberta. More information about ATCO Electric can be found at
www.atcoelectric.com.


ATCO Group, an Alberta-based worldwide organization of companies with assets of
approximately $8.5 billion and more than 7,800 employees, is comprised of three
main business divisions: Power Generation; Utilities (natural gas and
electricity transmission and distribution) and Global Enterprises (industrials,
technology, logistics and energy services). More information about ATCO Ltd. can
be found at www.atco.com.


Balfour Beatty, based in London England with operations around the globe, is a
world-class engineering, construction, services and investment business. Balfour
Beatty creates and cares for essential assets: hospitals, schools, road, rail,
utility systems and major structures, working in partnership with customers who
value the highest levels of quality, safety and technical expertise. More
information about Balfour Beatty plc can be found at www.balfourbeatty.com.


United Group Limited, based in North Sydney Australia, is a diversified services
company specializing in operations and maintenance, facilities management,
engineering, and construction. It consists of four complementary businesses -UGL
Infrastructure, UGL Rail, UGL Resources and UGL Services - in operations
worldwide. More information about United Group Limited can be found at
http://www.unitedgroupltd.com.


Forward-Looking Information:

Certain statements contained in this news release may constitute forward-looking
statements. Forward-looking statements are often, but not always, identified by
the use of words such as "anticipate", "plan", "expect", "may", "will",
"intend", "should", and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. The Corporation believes that the expectations reflected in the
forward-looking statements are reasonable, but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon.


The Corporation's actual results could differ materially from those anticipated
in these forward-looking statements as a result of regulatory decisions,
competitive factors in the industries in which the Corporation operates,
prevailing economic conditions, and other factors, many of which are beyond the
control of the Corporation.


The forward-looking statements contained in this news release represent the
Corporation's expectations as of the date hereof, and are subject to change
after such date. The Corporation disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable securities
regulations.

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