ATCO EnPower to Proceed with Atlas Carbon Storage Hub: "A significant step forward in Alberta's energy transition"
ATCO EnPower is thrilled to announce, that together with our partner
"Today's announcement marks a significant step forward in
ATCO EnPower and Shell are 50/50 partners in the Atlas Carbon Storage Hub, which is located in the heart of
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
ATCO Investor & Analyst Inquiries:
Senior Vice President
Finance,
Colin.Jackson@atco.com
403 808 2636
ATCO Media Inquiries:
Director, Corporate Communications
Kurt.Kadatz@atco.com
587 228 4571
Forward-Looking Information Advisory
Certain statements contained in this news release constitute forward-looking information. In particular, forward-looking information in this news release includes references to: the timing of commercial operation of the Atlas project; the storage of industrial emissions, including from Shell's Polaris carbon capture project; expected future development of the Atlas project for ATCO EnPower and Shell's carbon storage needs, with capacity to be available for third party emitters through open access; future carbon offsets; commitments toward reducing greenhouse gas emissions, decarbonization, and ESG targets; future reduction of carbon emissions and carbon tax liability.
While it is believed that the expectations reflected in the forward-looking information are reasonable based on the information available on the date such statements are being made and processes used to prepare the information, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. By their nature these statements involve 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 in such forward-looking information. The forward-looking information reflects beliefs and assumptions with respect to, among other things: the development and performance of technology and technological innovations; collaboration with industry participants, business partners, regulatory bodies and environmental groups; the performance of assets and equipment; the ability to meet current project schedules, and other assumptions inherent in management's expectations in respect of the forward-looking information identified herein.
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 assets; applicable laws, regulations and government policies, including uncertainty with respect to the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (
Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks faced by the Company see "Business Risks and Risk Management" in
Forward-looking information contained in this news release represents expectations as of the date hereof, which may change after such date. There is no 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 legislation.
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