CALGARY, June 22, 2020 /CNW/ - ATCO Ltd. (TSX: ACO.X,
ACO.Y) / Canadian Utilities Limited (TSX: CU, CU.X)
LUMA Energy LLC (LUMA), a newly-formed company owned 50 per cent
by Canadian Utilities Limited (Canadian Utilities), an ATCO
company, and 50 per cent by Quanta Services (Quanta), announced
today that LUMA has been selected by the Puerto Rico Public-Private
Partnerships Authority (P3 Authority) to modernize and operate
Puerto Rico's electric
transmission and distribution (T&D) system over a term of 15
years.
In an innovative arrangement that sees the local jurisdiction
continue to own utility assets while benefiting from the expertise
of a qualified operator, LUMA combines Canadian Utilities'
world-class utility operations and customer service expertise with
Quanta's superior utility services and project execution
capabilities. LUMA has also engaged Innovative Emergency Management
(IEM) to provide its extensive experience in the administration of
US Federal Emergency Management Administration (FEMA) funding.
"This is a watershed win for our company and further establishes
Canadian Utilities on the global stage as a leader in energy
infrastructure," said Nancy
Southern, Chair & Chief Executive Officer, ATCO. "We
bring our deeply held values of integrity, caring, agility and
collaboration to the island as we have long done for customers and
communities around the world."
The announcement follows an 18-month competitive bidding
process. As the successful proponent, LUMA will transform, harden
and rebuild Puerto Rico's T&D
system for the long-term benefit of all Puerto Ricans following the
devastation of hurricanes Irma and Maria.
"This opportunity fits with Canadian Utilities' growth strategy
in the US and Latin America and
allows us to bring our core competencies of operational excellence
and exceptional customer service for the benefit of Puerto Rico," said Siegfried Kiefer, President & Chief
Executive Officer, Canadian Utilities. "We won against some of
North America's—and the
world's—largest utility providers. Now, we and Quanta, through
LUMA, look forward to complementing our world-class energy
solutions with the experience of Puerto Rico Electric Power
Authority's (PREPA) employees so that LUMA can provide Puerto Rico with a modern, resilient
electricity system that will support broader economic development
for the island."
LUMA will be headquartered in San
Juan, Puerto Rico and is in the process of relocating a team
to the island, led by Wayne Stensby,
President & Chief Executive Officer, LUMA. This team will
oversee planning for the full transfer of the PREPA T&D
operations to LUMA, which is expected to occur over the next 10 to
12 months.
"We are honoured to have been selected for this historic
transformation and we are excited to begin a journey that we know
will bring long-term value to the people of Puerto Rico," said Mr. Stensby. "Through LUMA,
we'll not only provide safe, reliable and affordable electricity
service, we'll expedite this electricity transformation in a way
that delivers lasting benefits to the people and communities on the
island."
PREPA currently provides electricity to more than 1.5 million
residents in Puerto Rico and
operates a network of over 30,000 km of transmission and
distribution lines. LUMA will manage and operate the Puerto Rico electric system for PREPA, which
will continue to maintain capital ownership and financing
responsibility for the T&D system as well as continue to
operate its power generation assets.
Watch the livestream of the announcement in San Juan here: http://geo1lab.com/live3/.
For more information on LUMA, please visit www.LUMAPR.com.
With approximately 4,600 employees, assets of $20 billion, and two million customers around the
world, Canadian Utilities Limited, an ATCO company, is a
diversified global energy infrastructure corporation delivering
essential energy services, service excellence and innovative
business solutions in Utilities (electricity and natural gas
transmission and distribution), Energy Infrastructure (electricity
generation, energy storage, and industrial water solutions); and
Retail Energy (electricity and natural gas retail sales). More
information can be found at www.canadianutilities.com.
Investor Inquiries:
Myles Dougan
Director, Investor Relations & External Disclosure
T: 403 292 7879 C: 403 828 2908
Media Inquiries:
Kurt Kadatz
Senior Manager, Corporate Communications
T: 587 228 4571
Forward-Looking Information:
Certain statements contained in this news release may
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", and similar expressions.
Forward-looking information involves 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 information.
The Company's actual results could differ materially from
those anticipated in this forward-looking information as a result
of regulatory decisions, competitive factors in the industries in
which the Company operates, prevailing economic conditions, and
other factors, many of which are beyond the control of the
Company.
The Company believes that the expectations reflected in the
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied
upon.
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.