Canadian Utilities Completes Sale of Canadian Generation Business

September 30, 2019

CALGARY, Alberta – Canadian Utilities Limited (TSX: CU, CU.X)

Canadian Utilities Limited (CU), an ATCO company, has completed the previously announced sale of its Canadian fossil fuel-based electricity generation portfolio in a series of three transactions.

“With the completion of these transactions, we are well positioned to capture new opportunities for growth at home and abroad,” said Siegfried Kiefer, President & Chief Executive Officer, Canadian Utilities. “Going forward, as part of ATCO, we will continue our focus on building a global portfolio of premier utility and long-term contracted energy infrastructure assets, and on reliably delivering operational excellence and exceptional customer service.”

Earlier today, CU completed the sale of 10 partly- or fully-owned natural gas-fired and coal-fired electricity generation assets in Alberta and British Columbia with a combined generating capacity of approximately 1,800 megawatts (MW), to Heartland Generation Ltd., an affiliate of Energy Capital Partners.

In a separate transaction, completed in August, CU sold its 50 per cent ownership interest in the 580-MW Brighton Beach joint venture, located in Windsor, Ont., to Ontario Power Generation Inc. In July, CU completed the sale of its 50 per cent ownership interest in the 260-MW Cory Cogeneration Station to SaskPower International.

With approximately 5,000 employees and assets of $22 billion, Canadian Utilities Limited is an ATCO company. Canadian Utilities Limited is a diversified global energy infrastructure corporation delivering service excellence and innovative business solutions in Electricity (electricity generation, transmission and distribution), Pipelines & Liquids (natural gas transmission, distribution and infrastructure development; and energy storage and industrial water solutions) and Retail Energy (electricity and natural gas retail sales). More information can be found at www.canadianutilities.com

Investor Inquiries:

D.A. (Dennis) DeChamplain
Executive Vice President & Chief Financial Officer
403 292 7502

Media Inquiries:

Spencer Forgo
Manager, Communications & Public Affairs
403 333 3239

NT4