CALGARY, AB, Sept. 25, 2024 /CNW/ – Canadian Power Holdings Inc. (“Canadian Power”) is pleased to announce that it has reached an agreement with SaskPower and Cenovus, which will allow for the Meridian Cogeneration Plant (“Meridian”) in Lloydminster, Saskatchewan to continue to supply electricity to SaskPower and thermal energy to Cenovus, for up to another 25 years, through 2049.
The Meridian Cogeneration Plant has been a key contributor to the success of Canadian Power, a power investor and operator which holds a portfolio comprising (i) stakes in five electricity generation plants, locations of which are in Ontario, Alberta and Saskatchewan; as well as (ii) Okanagan Wind in British Columbia.
The Meridian Cogeneration Plant has been in service since 1999. With strategic on-going maintenance investments, Meridian is expected to operate very efficiently through the life of the new contracts. For its electricity off-taker, SaskPower, Meridian is expected to provide low cost, reliable electricity as the Saskatchewan electrical grid moves toward lower carbon generating solutions. For Cenovus, Meridian will provide reliable, cost-effective thermal energy in support of Cenovus Lloydminster operations. These operations represent a vital economic hub in Northwest Saskatchewan.
Canadian Power CEO Derek Goodmanson noted, “Canadian Power has owned Meridian since 2011 and is pleased to be a part of the power generation supply mix in Saskatchewan. SaskPower and Cenovus are among the most reputable companies in their industries – we are fortunate to be engaged with each at the Meridian facility – and look forward to continuing our long-standing relationships with them.”
“SaskPower is pleased to renew its partnership with Meridian,” said Rupen Pandya, SaskPower President and CEO. “Extending the life of this facility means SaskPower can secure reliable baseload power at a lower cost than any other new option available to SaskPower today.”
“Cost effective thermal energy is vital to our operations in the Lloydminster region,” said Doreen Cole, Executive Vice-President, Downstream, Cenovus Energy. “Our partnership with Canadian Power strengthens our ability to maintain efficient operations, reaffirms our commitment to serving our customers and the long-term viability of our industry, while meeting the energy needs of our region and supporting the growth of Canada’s economy.”
Canadian Power is co-owned by CK Infrastructure Holdings Limited (“CKI”) and Power Assets Holdings Limited; both are members of the CK Group, which has diverse businesses in over 50 countries across the world. CKI, chaired by Canadian Victor T K Li, is one of the world’s largest global infrastructure companies. It is dual listed on the Hong Kong Stock Exchange and the London Stock Exchange. CKI’s investments and operations in Canada also include Park’N Fly, the largest off-airport car park provider in the country; Canadian Midstream Assets, which holds oil and gas midstream assets in Alberta and Saskatchewan; and Reliance Home Comfort, one of the country’s largest building equipment service providers.
SOURCE Canadian Power Holdings Inc.
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