CALGARY,
AB, April 6, 2023 /CNW/ - ATCO
Ltd. (TSX: ACO.X) (TSX: ACO.Y)
ATCO Ltd., through its investment in Canadian Utilities Limited
("ATCO") and The Kansai Electric Power Co., Inc. ("Kansai") are
collaborating to develop an integrated clean fuels supply chain
between Canada and Japan. ATCO and Kansai have already completed a
pre-feasibility study to produce clean hydrogen and its derivatives
in Canada, spanning the entire
value chain, with end product arriving in Japan.
"ATCO recognizes there is a significant opportunity for
Canada to become a supplier of
clean fuels in addition to our nation's existing energy exports,"
said James Powell, Vice President,
Energy Infrastructure, Clean Fuels, ATCO. "Together with
Kansai, we are eager to complete
feasibility work and build consensus for this new decarbonization
opportunity."
"Our recent visit to the project sites inspired us with great
confidence in future collaborations on clean fuels between
Canada and Japan," said Satoshi
Fukushima, Head of Project Development Group, International
Business Division, Kansai. "Through this project, we hope to
be part of a new chapter in ATCO's over 75-year history."
Clean hydrogen would be produced via Auto Thermal Reforming with
carbon capture and sequestration in Alberta's Industrial Heartland to develop
low-carbon-intensity hydrogen or derivatives that would be
transported to Canada's West Coast
before being shipped overseas to Japan.
Feasibility evaluation of the entire value chain between
Canada and Japan is ongoing and representatives from
Kansai visited Canada in early March to investigate the
production site area and the proposed locations for rail loading
and port infrastructure. Following many months of
collaboration, the project team will jointly accelerate toward
completion of the feasibility work.
Japan has identified clean
hydrogen as a key pillar of its ambition to achieve carbon
neutrality by 2050. To ensure efficient supply of clean fuel,
Japan's Strategic Energy Plan
contemplates the import of cost-effective products from
overseas. Similarly, the Government of Canada's Hydrogen Strategy for Canada has identified significant opportunity
for Canada to become a supplier of
clean hydrogen and its derivatives as new, carbon-free, energy
export commodities in addition to existing energy exports.
With abundant hydrocarbon reserves, geology ideally suited to
carbon sequestration, a stable socio-economic environment, and
proximity to Asian markets, Canada
is uniquely positioned to be a leading supplier of clean energy to
Japan for decades to come.
Kansai and ATCO are eager to
continue their collaboration on this project, which represents an
important contribution to the decarbonization ambitions of
Canada and Japan while deepening the important,
long-standing relationship between our two countries.
Canadian Utilities Limited is a subsidiary of ATCO Ltd. that
has approximately 5,000 employees and assets of $22 billion. Canadian Utilities is a diversified
global energy infrastructure corporation delivering essential
services and innovative business solutions in Utilities
(electricity and natural gas transmission and distribution, and
international operations); Energy Infrastructure (energy storage,
energy generation, industrial water solutions, and clean fuels);
and Retail Energy (electricity and natural gas retail sales, and
whole-home solutions). More information can be found at
www.canadianutilities.com.
Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President, Finance, Treasury & Sustainability
Colin.Jackson@atco.com
(403) 808 2636
Media Inquiries:
Robert Palmer
Manager, Corporate Communications
Robert.Palmer@atco.com
(403) 710-1341
Forward-Looking Information Advisory
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
"expect", "may", "will", "would be", "intend", and similar
expressions. In particular, forward-looking information in this
news release includes references to the production of
low-carbon-intensity hydrogen (or derivatives) in Canada and subsequent transportation to
Japan, and the development of an
integrated clean fuel supply chain between Canada and Japan.
It is believed that the expectations reflected in such
forward-looking information are reasonable based on the information
that is available on the date of this news release; however, such
statements are not guarantees of future performance and no
assurance can be given that the expectations will prove to be
correct. Forward-looking information should not be unduly relied
upon. Such information involves a variety of assumptions, known and
unknown risks and uncertainties, and other factors which may cause
actual results, levels of activity, and achievements to differ
materially from those anticipated. Such forward-looking information
reflects current beliefs and assumptions with respect to, among
other things, regulatory approvals, methods of transportation, the
implementation of processes, the utilization of technology, and the
performance of assets and equipment.
Actual results could differ materially from those anticipated
in the forward-looking information as a result of, among other
things, risks inherent in the performance of technology, assets and
equipment; applicable laws and government policies; regulatory
decisions; competitive factors; political factors; prevailing
economic conditions; the availability and cost of labour,
materials, equipment and services; the occurrence of unexpected
events; and other risk factors, many of which are beyond ATCO's
control. Readers are cautioned that the foregoing lists are not
exhaustive.
SOURCE ATCO Ltd.