AltaGas Ltd. Provides Update on Major Projects
10 Dezember 2012 - 4:39PM
Marketwired
AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U)
today announced that the Gordondale Gas Plant (Gordondale) and the
Harmattan Co-stream project (Co-stream Project) have met commercial
in-service requirements. In 2012 AltaGas has added over 420 Mmcf/d
of processing capability.
The Gordondale plant is one of the largest sour gas plants built
in Alberta in the last 15 years and was constructed in record time
to meet producers' requirements in the area. The 120 Mmcf/d
facility successfully commenced processing gas at the end of
October slightly ahead of schedule and is currently earning revenue
under a long-term take-or-pay contract. The plant is located in the
Montney resource area, one of the largest low-cost, liquids-rich
resource plays in the Western Canadian Sedimentary Basin. Given the
deep cut capability and strategic location of the plant, AltaGas
expects utilization of the plant to increase over the coming
months.
The Co-stream Project uses 250 Mmcf/d of existing spare capacity
at the Harmattan Complex and went into commercial operation at the
end of November. AltaGas is currently receiving revenue under a
20-year cost-of-service contract with NOVA Chemicals Corporation.
The Co-stream Project recovers ethane and other NGLs from natural
gas sourced in the NOVA Gas Transmission Ltd. (NGTL) Western
System. AltaGas is currently processing 300 to 350 Mmcf/d or
approximately 65 percent of plant capacity.
"We are pleased to announce that these new gas projects are
contributing to our earnings and cash flow growth and look forward
to continuing to work with producers to provide midstream solutions
in key areas such as the liquids-rich Montney," said David
Cornhill, Chairman and CEO of AltaGas. "We have added over 420
Mmcf/d of processing capability this year and these projects
demonstrate our ability to build and operate gas infrastructure
assets in a very challenging construction environment."
AltaGas also announced today that its wholly owned subsidiary
Pacific Northern Gas Ltd. (PNG) is carrying out feasibility studies
for further expansion of its pipeline system to approximately 600
MMcf/d. The PNG natural gas distribution system is the only natural
gas pipeline from the producing regions in Alberta and BC to the
west coast of Canada in service today.
Progress on the NW hydro projects remains ahead of schedule and
on budget. Construction of the 195 MW Forrest Kerr run-of-river
project is approximately 70 percent complete. The in-river
construction commenced in mid-November and the sluiceway diverting
the river is now in operation. AltaGas received the water licences
for the McLymont Creek and Volcano Creek projects on November 28
and December 3 respectively.
AltaGas is an energy infrastructure business with a focus on
natural gas, power and regulated utilities. AltaGas creates value
by acquiring, growing and optimizing its energy infrastructure,
including a focus on renewable energy sources. For more information
visit: www.altagas.ca.
This news release contains forward-looking statements. When used
in this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to
AltaGas or an affiliate of AltaGas, are intended to identify
forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other
things, business objectives, expected growth, results of
operations, performance, business projects and opportunities and
financial results. These statements involve 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 statements. Such statements reflect AltaGas'
current views with respect to future events based on certain
material factors and assumptions and are subject to certain risks
and uncertainties, including without limitation, changes in market,
competition, governmental or regulatory developments, general
economic conditions and other factors set out in AltaGas' public
disclosure documents. Many factors could cause AltaGas' actual
results, performance or achievements to vary from those described
in this news release, including without limitation those listed
above. These factors should not be construed as exhaustive. Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those described in this
news release as intended, planned, anticipated, believed, sought,
proposed, estimated or expected, and such forward-looking
statements included in, or incorporated by reference in this news
release, should not be unduly relied upon. Such statements speak
only as of the date of this news release. AltaGas does not intend,
and does not assume any obligation, to update these forward-looking
statements. The forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
Contacts: AltaGas Ltd. Investment Community
1-877-691-7199investor.relations@altagas.ca AltaGas Ltd. Media
(403) 691-9873media.relations@altagas.ca
AltaGas (TSX:ALA.PR.U)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
AltaGas (TSX:ALA.PR.U)
Historical Stock Chart
Von Jul 2023 bis Jul 2024