CALGARY, AB, June 1, 2021 /CNW/ - ATCO Ltd. (TSX:
ACO.X) (TSX: ACO.Y) / Canadian Utilities Limited
(TSX: CU) (TSX: CU.X)
ATCO Ltd. today announced LUMA Energy LLC (LUMA) has
commenced its 15-year contract to modernize and operate
Puerto Rico's electricity
transmission and distribution system. By transforming the
operations of the island's 30,000-km electricity system, damaged by
hurricanes in 2017, the highly skilled employees of LUMA are
committed to providing Puerto Ricans with improved quality of life
and increased economic development for generations to come.
"Undertaking this transformation is a big job with an even
bigger benefit. LUMA will provide Puerto Ricans with something many
of us take for granted: safe and reliable power," said Nancy Southern, Chair & Chief Executive
Officer, ATCO. "It's also about creating a stable, resilient, and
modernized electric system that will be a key driver of economic
growth - allowing businesses in Puerto
Rico to operate reliably, and contribute to the island's
economy, which in turn provides Puerto Ricans with meaningful
employment."
The handover of operations from the Puerto Rico Electric Power
Authority, which is in bankruptcy, occurs after a transition period
during which LUMA completed countless regulatory, operational,
safety and financial planning and readiness activities. LUMA also
hired 2,200 employees to help create a resilient electricity
delivery system for Puerto Rico.
"ATCO and our partner Quanta are very pleased with the
thoughtful, detailed planning and operational readiness the
talented LUMA team has put in place to undertake this new chapter
of electricity system operations in Puerto Rico," said Siegfried Kiefer, President & Chief
Executive Officer, Canadian Utilities. "We are especially proud of
the deep commitment to safety being demonstrated through LUMA's
culture of People First, Safety Always to drive
enhanced safety performance and ensure their people return safely
home to their families every day."
In addition to improved safety performance, LUMA will boost
customer service and reliability, and has provided detailed
submissions to the Puerto Rico Energy Bureau that outline the
plans, metrics, and principles needed to begin transforming the
island's electric power system.
"We promised Puerto Rico that
we would be ready to assume operatorship and we are. After 11
months of building a company and its required systems, our team is
energized by the opportunity to create a meaningful impact –
both as an operator and as a neighbour," said Wayne Stensby, President & Chief Executive
Officer, LUMA. "We're excited to be making a difference through
community investments such the LUMA College for technical training,
funded by ATCO and Quanta, where Puerto Ricans will develop the
skills, knowledge and behaviors to safely rebuild Puerto Rico's electric infrastructure."
LUMA is also giving back to the island's communities through its
Iluminando Pasos (Illuminating Steps) program. In concert with the
American Red Cross Puerto Rico chapter and the Boys and Girls Clubs
of Puerto Rico, LUMA is supporting
youth through education and wellness, economic development and
recovery and energy stewardship.
The LUMA opportunity is aligned with ATCO's plan to grow its
business in the United States and
Latin America as part of our long-term global essential
services strategy. In recent years, ATCO has invested in Neltume, a
Latin American transportation and logistics company; developed
power generation assets in in Mexico and Chile; and expanded its modular structure
operations into Chile,
Mexico and the United States.
Headquartered in San Juan, LUMA
is 50 per cent owned by Canadian Utilities, an ATCO Company, and 50
per cent owned by Quanta Services and was selected in June 2020 as the contract operator by the Puerto
Rico Public-Private Partnerships Authority (P3 Authority) in an
18-month competitive bid process where LUMA successfully competed
against some of North America's
largest utilities. LUMA will manage and operate the Puerto Rico electric system for the Puerto
Rico Electric Power Authority, which will continue to maintain
capital ownership and financing responsibility for the transmission
and distribution system as well as continue to operate its power
generation assets. For more information on LUMA, please visit
www.LUMAPR.com.
With approximately 4,500 employees and assets of $20 billion, Canadian Utilities Limited is an
ATCO company. 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 electricity
operations); Energy Infrastructure (electricity generation, energy
storage, and industrial water solutions); and Retail Energy
(electricity and natural gas retail sales). More information can be
found at
www.canadianutilities.com.
Investor Inquiries:
Colin
Jackson
Vice President, Finance, Treasury & Risk
Colin.Jackson@atco.com
T: 403 808 2636
Media Inquiries:
Kurt
Kadatz
Senior Manager, Corporate Communications
Kurt.Kadatz@atco.com
T: 587 228 4571
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Forward-looking information involves known and unknown risks,
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The Company's actual results could differ materially from
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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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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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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
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future events or otherwise, except as required by applicable
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SOURCE ATCO Ltd.