ATCO EnPower to Proceed with Atlas Carbon Storage Hub

ATCO EnPower is thrilled to announce, that together with our partner Shell Canada Limited, the Final Investment Decision (FID) has been made to proceed with the first phase of the Atlas Carbon Storage Hub. Investment in this multi-phase, open-access carbon storage hub is a major milestone in ATCO’s commitment to reduce greenhouse gas emissions. The facility will be located east of Edmonton and able to store industrial emissions from the Alberta Industrial Heartland region.

“Today’s announcement marks a significant step forward in Alberta’s energy transition. Carbon capture and storage is a critical component of our successful energy future,” said Bob Myles, Chief Operating Officer, ATCO EnPower. “ATCO EnPower is actively working across all aspects of the energy transition value chain, and collaborative efforts with government, our partners and local communities have been instrumental in advancing this initiative.”

ATCO EnPower and Shell are 50/50 partners in the Atlas Carbon Storage Hub, which is located in the heart of Alberta’s energy and petrochemical sector and represents a significant investment in environmental stewardship and technological innovation. The first phase of the Atlas project is planned to be operational by 2028, anchored by CO2 volumes from Shell’s Polaris carbon capture project.

Future development of Atlas, which is subject to a future investment decision, will be aimed at meeting both ATCO EnPower and Shell’s carbon storage needs, with remaining capacity available for third-party emitters through open access.

The Atlas Carbon Storage Hub is integral to ATCO’s decarbonization and ESG targets. This facility is expected to provide a resource for emitters in the Alberta Industrial Heartland to reduce both their carbon emissions and carbon tax liability.

The Atlas Hub will leverage the lessons learned from Quest CCS, which was built and is operated by Shell. Quest has safely stored over nine million tonnes of CO2 since it began operations in 2015.

With operations in Canada and Mexico, ATCO EnPower is leading the energy transition with inspired energy solutions, including renewable energy, carbon capture and storage, hydrogen and derivatives, and energy storage.

About Canadian Utilities

Canadian Utilities Limited and its subsidiary and affiliate companies have approximately 9,000 employees and assets of $23 billion. Canadian Utilities, an ATCO company, is a diversified global energy infrastructure corporation delivering essential services and innovative business solutions. ATCO Energy Systems delivers energy for an evolving world through its electricity and natural gas transmission and distribution, and international operations segments. ATCO EnPower creates energy solutions in the areas of renewables, energy storage, industrial water and alternative fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCOenergy and Rümi provide retail electricity and natural gas services, home maintenance services and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. More information can be found at www.canadianutilities.com.

About ATCO

As a global enterprise ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $25 billion. ATCO is committed to future prosperity by working to meet the world’s essential energy, housing, security and transportation challenges. ATCO Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. ATCO Frontec provides operational support services to government, defence and commercial clients. ATCO Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution, and international operations. ATCO EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and clean fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCOenergy and Rümi provide retail electricity and natural gas services, home maintenance services and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. ATCO also has investments in ports and transportation logistics, the processing and marketing of fly ash, retail food services and commercial real estate. More information can be found at www.ATCO.com.

Contact:

Colin Jackson – Senior Vice President, Finance, Treasury & Sustainability – Colin.Jackson@atco.com – (403) 808-2636

Source: ATCO Ltd.