ACO.Y ATCO Ltd

ATCO Ltd. (TSX:ACO.X) (TSX:ACO.Y) and its subsidiary, Canadian Utilities Limited
(TSX:CU) (TSX:CU.X), today announced the completion of the transfer of ATCO
Ltd.'s wholly-owned subsidiary, ATCO Resources Ltd., from ATCO Ltd. to ATCO
Power Ltd., a wholly-owned subsidiary of Canadian Utilities Limited. As a result
of this transaction, ATCO Ltd. will file an early warning report pursuant to
National Instrument 62-103 "The Early Warning System and Related Take-Over Bid
and Insider Reporting Issues." A copy can be obtained from www.sedar.com. 


Pursuant to the transaction, first announced November 15, ATCO Ltd. transferred
the common shares of ATCO Resources Ltd. to Canadian Utilities Limited in
exchange for, and acquiring ownership of newly issued, 1,059,658 Class A
non-voting shares and 489,171 Class B common shares of Canadian Utilities
Limited at prices per share of $53.15 per Class A non- voting share and $53.52
per Class B common share. Such prices were equal to the weighted average trading
price of the shares on the Toronto Stock Exchange for the 20 trading days
preceding January 1, 2011.


The newly issued Class A non-voting shares and Class B common shares each
represent 1.2% of the issued and outstanding shares of each class before giving
effect to the transaction, and following completion of the transaction ATCO Ltd.
owns and exercises control over 39.2% of the Class A non-voting shares and 82.0%
of the Class B common shares of Canadian Utilities Limited.


The transfer allows the ATCO Group to further align its ownership of all of its
power generation activities under ATCO Power Ltd. This will simplify its
ownership structure and reduce administrative efforts. ATCO Ltd. has no present
intention to acquire ownership of, or control over, any additional securities of
Canadian Utilities Limited.


Alberta-based ATCO Ltd., with more than 7,500 employees and assets of
approximately $10 billion, delivers service excellence and innovative business
solutions worldwide with leading companies engaged in Utilities (pipelines,
natural gas and electricity transmission and distribution), Energy (power
generation, natural gas gathering, processing, storage and liquids extraction),
Structures & Logistics (manufacturing, logistics and noise abatement) and
Technologies (business systems solutions). More information can be found at
www.atco.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 Corporations' 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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