SaskPower buys ATCO’s stake in Cory Cogeneration Station
May 26, 2019
SaskPower has purchased ATCO’s 50 per cent stake in the Cory Cogeneration Station located at the Nutrien Cory Potash mine near Saskatoon.
“We’ve been co-owners of this facility since it was commissioned in 2003 and I’d like to thank ATCO for its partnership over the years,” said Howard Matthews, SaskPower Vice-President of Power Production and CEO of SaskPower International. “When ATCO looked to divest itself from some of its generation assets, we were presented with the opportunity to secure full control of an important part of our generation fleet. With full ownership, SaskPower will retain all revenue generated by this facility, which we can then invest to ensure reliable, sustainable and cost-effective power for our customers.”
The station will continue to operate as usual. ATCO employees at Cory will be offered the opportunity to keep their positions and work for SaskPower. The financial details of the transaction will not be disclosed at this time. The purchase price was independently verified by CIBC.
“Thanks to our strong, mutually beneficial partnership with SaskPower, we have delivered essential electricity to customers since 2003 in Saskatchewan,” said Wayne Stensby, Managing Director, Electricity, ATCO. “I would like to thank SaskPower for the excellent working relationship that we have built over the years, and wish them well as they continue to operate the Cory Cogeneration Station to the highest standards.”
The Cory Cogeneration Station is a natural gas-fired facility consisting of two natural gas-fuelled combustion turbine-generator sets and a steam turbine generator. The design enables it to generate electricity with minimal effect on the environment. Nutrien purchases steam from the process for use in its mining operations.
Find out more about this facility and others in SaskPower’s generation fleet at saskpower.com/systemmap.
At a glance...
- SaskPower has purchased ATCO’s 50 per cent stake in the Cory Cogeneration Station
- SaskPower will now keep all revenues generated from the 260-megawatt facility, which is an important part of the generation fleet
- ATCO employees will receive offers to keep their positions and work for SaskPower
- Visit SaskPower.com more information on our generation facilities