ATCO's Efficiency Initiatives to Save Alberta Utility Customers More Than Half a Billion Dollars
Among the updates ATCO provided to share owners at its recent Annual General Meeting was that its ATCO Gas and ATCO Electric businesses are on track to deliver more than $500 million in savings in distribution rates to its Alberta customers during the current regulatory rate period of 2023-2028. Distribution rates are the costs of operating the pipes and wires that provide natural gas and electricity to homes and businesses and represent the portion of the utility bill that ATCO Gas and ATCO Electric are responsible for.
This achievement reflects an eight per cent reduction in natural gas and electricity utility distribution rates, made possible through ATCO's focused efficiency measures and cost-saving initiatives since 2018. Of note, ATCO is the only Alberta utility delivering natural gas and electricity distribution rate reductions to customers over the 2023-2028 period.
"At ATCO, we understand the pressures Albertans face with rising costs across essential services," said Jason Sharpe, Chief Operating Officer of ATCO Energy Systems. "We're very proud of how our team members — who are also utility customers themselves — have worked diligently to deliver meaningful savings while maintaining the reliability and safety our customers expect."
ATCO remains steadfast in its mission to serve Albertans with integrity, transparency, and a long-term vision for reliable and affordable energy. "These savings are not just numbers, they represent ATCO's deep-rooted commitment to our customers and communities," noted Mr. Sharpe.
The ATCO group of companies continues to advocate for a regulatory and business environment that supports innovation, efficiency and affordability—ensuring Alberta remains one of the most attractive places to live and work.
About ATCO
As a global enterprise, ATCO Ltd. and its subsidiary and affiliate companies have approximately 21,000 employees and assets of $27 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 electricity operations. ATCO EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCO Energy and Home Services provides 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 ash, retail food services and commercial real estate. More information can be found at www.ATCO.com.
Investor Inquiries:
Colin Jackson
Senior Vice President, Financial Operations
[email protected]
403-808-2636
Media Inquiries:
Kurt Kadatz
Director, Corporate Communications
[email protected]
587-228-4571
Forward Looking Information Advisory
Certain statements contained in this news release constitute forward-looking information, including, but not limited to, references to reductions in natural gas and electricity distribution rates to be delivered to customers during the regulatory rate period from 2023-2028.
Although we believe that the expectations reflected in the forward-looking information are reasonable based on the information available on the date such statements are 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 applicability and stability of legal and regulatory requirements; continuing collaboration with certain business partners, and regulatory 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 this forward-looking information as a result of, among other things, risks inherent in the performance of assets; applicable laws and regulations and the interpretation and manner of enforcement of such laws and regulations; changes to government policies; regulatory decisions; competitive factors; evolving market or economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services, and infrastructure; future demand for resources; the development and execution of projects; prices of electricity and natural gas; the risk of operational disruptions, outages, or force majeure events; the occurrence of unexpected events such as fires, extreme weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; global pandemics; the imposition of or changes to customs duties, tariffs or other trade restrictions; geopolitical tensions and wars; and other risk factors, many of which are beyond the control of the Company. Due to the interdependencies and correlation of these factors, the impact of any one material assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks that are faced by the companies, see "Business Risks and Risk Management" in Management's Discussion and Analysis for ATCO Ltd. and Canadian Utilities Limited for the year ended December 31, 2024.
Any forward-looking information contained in this news release represents management's expectations as of the date hereof, and is subject to change after such date. The companies disclaim any 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 securities legislation.
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