Company Overview

ATCO Power Ltd. (formerly 'CU Power International Limited') has established a solid reputation as a developer, project manager, owner and operator of independent power projects. ATCO Power's track record speaks of a proven ability to meet its clients' energy needs using cogeneration, combined cycle and other state-of-the-art generation technologies. It currently operates over 1, 450 MW of non-regulated generating capacity, has almost 500 MW of projects under construction and almost 1, 000 MW of projects in development.

ATCO Power Ltd. is a wholly owned subsidiary of CanadianUtilities Limited ("Canadian Utilities"), a major Canadian public company and a subsidiary of ATCO Ltd. ("ATCO").

The Alberta-based ATCO Ltd., one of Canada's premier corporations, oversees a worldwide organization of companies with 5, 000 employees and assets exceeding $4.7 billion.

Canadian Utilities is one of Canada's largest corporations, with total assets of almost $4.4 billion and earnings in excess of $200million.

In the late 1980s, the ATCO Group determined that cogeneration and independent power generation offered a strategic corporate diversification which maximized the strengths developed both within Canadian Utilities' traditional utility business and within ATCO's global non-utility businesses. To achieve this diversification, Canadian Utilities established CUPowerInternational Limited, now ATCO Power. These efforts have been successful, resulting in nine generation projects.

ATCO Power's principal business is electric and thermal energy supply. It strives to bring excellence and to add value to all its projects, and is interested in a long-term commitment to any endeavour. This includes an active role during a project's development stage, in project management, during operations, and as a significant equity investor.

ATCO Power has an excellent record of developing, project managing and operating power plants at high levels of availability. ATCO Power's strengths are experience in gas, coal and diesel generating plants and small hydro installations;

an early and active involvement in major design, construction and financing decisions; in-house engineering expertise to configure plant design to meet clients' energy needs; a proven ability in developing strong working relationships with co- venturers; and strong relationships with major financial institutions.

ATCO Power commissioned its first independent power project in 1993 in Taylor, British Columbia. This 120-MW cogeneration plant, a joint venture with Westcoast Power Inc., sells electricity to BC Hydro under a 20-year agreement and steam to an adjacent gas plant owned by Westcoast Energy Inc. The plant has consistently achieved availability rates in excess of 95%.

ATCO Power is the managing owner of the 1, 000 MW gas fired combined cycle Barking power station located east of London, England. ATCO Power led the project's development and was responsible for the owners' engineering role during construction. ATCO Power's managers are responsible for the station's operation. The Barking station was commissioned in 1995 and since that time has performed exceptionally well.

The Heathrow Cogeneration Plant, purchased in July 1995 by a joint venture of ATCO Power and London Electricity plc, has a 14 MW gas fired turbine and a 40 MW boiler. It supplies electricity and hot water to British Airports Authority plc under a 15 year contract.

The 180-MW cogeneration plant in Osborne, South Australia was commissioned in 1998. ATCO Power was the construction manager of this joint venture with Boral Energy Limited. Penrice Soda Products, Australia's sole producer of soda ash, purchases low-cost steam from the plant. Under a long-term agreement with ETSA Corporation, Osborne provides about ten per cent of South Australia's electric energy.

During 1998, ATCO Power and Amoco Power Resources Corp. brought the jointly owned 85 MW Primrose cogeneration facility onstream at Amoco's Primrose Heavy Oil operation in northeast Alberta. The exhaust heat and a portion of the electricity are sold to the heavy oil recovery facility and the balance of the electricity is sold into the Power Pool of Alberta.

In early 1998, ATCO Power was selected by the Alberta Transmission Administrator to develop, own and operate a 43-MW LM6000 generation and synchronous condenser project northwest of Grande Prairie, Alberta. This was the first competitive request for generation proposals since deregulation was initiated. The facility was in service before year-end.

The 45 MW Rainbow Lake Cogeneration Plant began operating in

• The project supplies steam to a gas plant owned and

operated by Husky Oil at Rainbow Lake, 900 km north of Edmonton;

electric energy is sold into the Power Pool of Alberta.

ATCO Power, NOVA Chemicals Corporation and EPCOR Power Development Corporation are building a 416 MW natural-gas-fired cogeneration project to meet the substantial steam and electric energy needs of NOVA's world-class petrochemical facility at Joffre in central Alberta. The project, which will be commissioned in 2000, will also sell electric power directly to customers and into the Power Pool of Alberta.

ATCO Power and its partners, Boral and Lend Lease, are constructing the 31 MW Bulwer Island Cogeneration Project to serve all the electric and thermal energy needs related to the expansion of BP's Bulwer Island refinery in Queensland, Australia. The facility will be in service in 2000.

ATCO Power is presently involved in the development of several other gas-fired cogeneration opportunities in Alberta, British Columbia, Australia and the UnitedKingdom.

Company Information

Additional Details

Legal Name: ATCO Power Ltd.

Number of Employees: 63

Contacts

Services

• Independent Power And Thermal Energy Production And Development

Products

• Independent Power Generation And Cogeneration.

NAICS Categories

• 221122 Electric Power Distribution

Additional Information