"ATCO Ltd.'s power subsidiary Canadian Utilities reported the devaluation of its roughly $1 billion in Alberta renewable energy assets in a recent financial disclosure. It says that policy changes to the transmission network have forced the company to heavily curtail the output of its major wind turbine project in southeast Alberta and adds that a looming overhaul of transmission rules stands to harm that and other renewable projects even more."
"The company may pursue legal recourse if negotiations and lobbying efforts fail to modify the government's system reforms. The company believes the changes in policy, and resulting uncertainty for large infrastructure investment, is detrimental to the government of Alberta's stated objectives to promote investment in the province of Alberta."
"The Smith government has prided itself on creating an investor-friendly climate in Alberta, and slashing regulation that it derides as red tape. But it has faced repeated criticism from the renewable sector for doing the opposite: applying regulations that have deterred development of new wind and solar installations."
ATCO Ltd.'s power subsidiary Canadian Utilities has declared a $408-million devaluation of its approximately $1 billion in Alberta renewable energy assets. The company attributes this significant loss primarily to policy changes implemented by the Smith government's electricity system reforms. These reforms have forced substantial curtailment of output from the company's major wind turbine project in southeast Alberta and threaten additional harm to renewable projects through upcoming transmission rule overhauls. Canadian Utilities indicates it may pursue legal action if negotiations and lobbying efforts fail to modify the government's system reforms. The company contends that these policy changes and resulting investment uncertainty contradict Alberta's stated objectives to promote provincial investment. The Smith government has faced repeated criticism from the renewable sector for applying regulations that deter wind and solar development, despite promoting itself as investor-friendly and deregulatory.
#renewable-energy-policy #alberta-electricity-reform #wind-and-solar-investment #government-regulation-impact #transmission-network-changes
Read at www.cbc.ca
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