Canadian Utilities Partnership Completes and Energizes $1.6-Billion Fort McMurray Transmission Project Ahead of Schedule
28 Março 2019 - 6:00PM
Canadian Utilities Limited (TSX: CU, CU.X)
Today, the Fort McMurray West 500-kV Transmission Project was
energized three months ahead of schedule, on-budget and with an
impeccable safety record. This 508-km transmission line, running
from Wabamun, Alta., just west of Edmonton, to Fort McMurray will
provide essential electricity, greater reliability and enhance the
transmission system to meet growing demands in northern
Alberta.
Valued at $1.6 billion, the project was financed through the
largest public-private-partnership (P3) bond in Canadian history.
It is also the longest 500-kV AC transmission line in Canada and
was ranked among the top 50 infrastructure projects in Canada.
“In 2014, we competed against global proponents to win the bid
for this critical piece of electricity transmission infrastructure.
Today, along with our partner Quanta Services, we successfully
completed construction on this project ahead of schedule and
on-budget,” said Wayne Stensby, Managing Director, Electricity,
ATCO. “We take pride in the genuine, heartfelt engagement and trust
that we have built with all communities and indigenous peoples
along the route. The success of this project would not have been
possible without these strong, mutually beneficial
relationships.”
Alberta PowerLine, a partnership between Canadian Utilities
Limited (80 per cent), an ATCO Company, and Quanta Services Inc.
(20 per cent), was selected in 2014 by the Alberta Electric System
Operator through a competitive global process to develop, finance,
design, build, own, operate and maintain the line. Following
extensive consultation, the final route was approved by the Alberta
Utilities Commission in February 2017, and construction began
shortly thereafter.
With approximately 5,000 employees and assets of $22
billion, Canadian Utilities Limited is an ATCO company. Canadian
Utilities Limited is a diversified global energy infrastructure
corporation delivering service excellence and innovative business
solutions in Electricity (electricity generation, transmission, and
distribution); Pipelines & Liquids (natural gas transmission,
distribution and infrastructure development, energy storage, and
industrial water solutions); and Retail Energy (electricity and
natural gas retail sales). More information can be found at
www.canadianutilities.com.
Media Inquiries:
Sue WatsonManager, Marketing & Communications Electricity
Global Business UnitATCO403 828 3550
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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.
PDF available:
http://ml.globenewswire.com/Resource/Download/9eb84e58-d533-4b74-bffb-4e2340bbf6da
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