CALGARY, AB, Dec. 2, 2021 /CNW/ - ATCO Ltd. (TSX:
ACO.X) (TSX: ACO.Y) / Canadian Utilities Limited (TSX: CU) (TSX:
CU.X)
The ATCO Group, through its investment in Canadian Utilities
Limited, today completed the purchase of the Alberta Hub natural
gas storage facility near Edson,
Alberta. ATCO Energy Solutions acquired 100 per cent equity
interest of the owners, Iberdrola Canada Energy Services and
Amphora Gas Storage, an affiliate of ArcLight Capital Partners.
ATCO will own and operate the Alberta Hub facility, complementing
ATCO's existing natural gas storage capabilities at its facility
near Carbon, Alberta.
"The addition of a second storage facility to our portfolio
allows ATCO to drive efficiency, leverage our knowledge, expertise
and strategic relationships, and enhance our competitive position
in the Alberta storage market,
while offering our customers more flexible storage solutions," said
Bob Jones, President, ATCO Energy
Solutions.
"Natural gas is not only a foundational energy source for our
current economy, but it also serves as a critical component in the
energy transition to a cleaner, lower-emitting future," said
Bob Myles, Executive Vice President,
Corporate Development, ATCO. He then added, "Natural gas storage
plays an important role in maintaining an affordable and reliable
energy system, which will only become more essential as
Alberta develops more renewable
generation and a clean hydrogen economy."
The Alberta Hub natural gas storage facility has a capacity of
approximately 43 billion cubic feet and, like ATCO's Carbon facility, is connected to the NOVA Gas
Transmission (NGTL) system.
ATCO's Commitment to Sustainability
For ATCO,
sustainability is more than an aspiration; it is interwoven into
our strategy, our day-to-day operations, the products and services
we provide, and the fabric of our people. It manifests across our
family of companies in countless ways, both in how we conduct our
day-to-day activities and in the contributions we make to society
through both our operations and the community spirit of our people.
Our enduring and holistic commitment is clearly reflected in our
efforts to cost-effectively and reliably accelerate the energy
transition; enhance our environmental performance and reduce
our greenhouse gas emissions; champion the safety,
inclusivity, and equity of our people, communities, and
customers; foster Indigenous and community partnerships
based on trust, equity and mutual respect; and ensure
uninterrupted, resilient, and reliable access to essential
products and services—anytime, anywhere.
With approximately 6,200 employees and assets of $22 billion, ATCO is a diversified global
corporation with investments in the essential services of
Structures & Logistics (workforce and residential housing,
innovative modular facilities, construction, site support services,
workforce lodging services, facility operations and maintenance,
defence operations services, and disaster and emergency management
services); Utilities (electricity and natural gas transmission and
distribution, and international electricity operations); Energy
Infrastructure (electricity generation, energy storage and
industrial water solutions); Retail Energy (electricity and natural
gas retail sales); Transportation (ports and transportation
logistics); and Commercial Real Estate. More information can be
found at www.ATCO.com.
Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President, Finance, Treasury, Risk &
Sustainability
Colin.Jackson@atco.com
(403) 808 2636
Media Inquiries:
Kurt Kadatz
Senior Manager, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571
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Forward-Looking
Information:
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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.
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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.
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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 (including as may
be affected by the COVID-19 pandemic), and other factors, many of
which are beyond the control of the Company.
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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.
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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.
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SOURCE ATCO Ltd.
