Enmax announces $1.4B partnership with Capital Power
The Edmonton utility will become a 50-50 owner of the Shepard power plant
Posted: Dec 6, 2012 7:34 PM MT
Last Updated: Dec 6, 2012 9:26 PM MT
Enmax Corporation has found a partner for its new $1.4 billion dollar Shepard power plant.
After looking for more than a year, the city-owned utility reached a deal with Edmonton-based Capital Power to sell it 50 per cent of the entire project.
The natural gas-fired power plant on Calgary's eastern outskirts is now under construction and will generate 800 megawatts of electricity.
The Edmonton utility is putting up $860 million to become a 50-50 owner of the Shepard plant.
“In our industry, it's a common practice sometime when you have large investments like we have with Shepard to partner with someone on the cost of the operation so that's what we've done and it always made sense for us to do this with Shepard,” said ENMAX CEO, Gianna Manes.
The injection of cash from Capital Power will help to build the plant. The company will then get half of its 800 megawatts — which it will turnaround, selling half right back to Enmax.
Capital Power president and CEO Brian Vaasjo says the fact it isn't a coal-fired plant, made it attractive.
“It is going to be the most efficient natural gas power generator in the province which has certainly some flexibility associated with that and certainly some competitive advantages,” Vaasjo said.
“It’s an excellent fit with our business strategy and will strengthen our position in Alberta.”
The Shepard plant is expected to start producing electricity in 2015.
Latest Calgary News Headlines
- Animals rescued from shelter in SPCA probe
- As the Alberta SPCA investigates an animal rescue operation west of Calgary, other shelters are stepping in to care for its displaced animals. more »
- Blood donation ban lifted for some gay, bisexual men
- Health Canada will allow gay men to donate blood if they haven't had sex with a man in the last five years, a change in policy to take effect in the coming weeks. more »
- Danielle Smith slams Redford at Calgary leader's dinner
- Money topped the agenda Tuesday night as the Wildrose Party hosted its Calgary leader's dinner at the BMO Centre. more »
- Graphic anti-abortion leaflet campaign expands
- An anti-abortion group has started distributing graphic postcards in northwest Calgary as part of its campaign to reopen the debate on abortion. more »
Top News Headlines
- Video forensics: How easy would it be to fake a Rob Ford video?
- Two media outlets reported last week that they had seen a cellphone video of Mayor Rob Ford allegedly smoking crack, a claim that has gone global. If a video does surface, how easy would it be to determine its authenticity? CBC News asked video forensic analyst David McKay. more »
- Oklahoma residents begin to return home after deadly tornado
- Rescue workers raced to complete the search for survivors and the dead in the Oklahoma City suburb where a mammoth tornado destroyed countless homes, cleared lots down to bare red earth and claimed 24 lives, including those of nine children. more »
- Xbox One: A closer look
- The design, performance, Kinect camera, controller, requirements and limitations of Microsoft's Xbox One get a critical look. more »
- Boil water advisory in effect across Montreal
- A boil water advisory is in effect for much of Montreal, including all areas south of the Métropolitaine, from LaSalle to Pointe-aux-Trembles and including the borough of Anjou. more »
- Brooks celebrates hockey win with parade
- Mount Norquay gets approval to expand
- Deadly tornadoes can strike Alberta, say experts
- SPCA investigates animal rescue farm near Calgary
- 10 must try food truck street eats
- Ranchers spotting grizzlies in southern Alberta
- Children driven around too much, Canadian report suggests
- Driver too drunk to stand, says mom of toddler killed on patio
- Unlicensed teen ticketed for high-speed drive