Additional PPA Agreements Reached
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Alberta PPA Settlements finalize agreements returning Sundance A/B and Sheerness to the Balancing Pool, with carbon offsets and payments from TransCanada and AltaGas, supporting coal transition, renewable energy integration, and stable, affordable power.
Breaking Down the Details
Agreements ending PPAs for Sundance A/B and Sheerness, returning to the Balancing Pool with carbon offsets and payments.
PPAs for Sundance A/B and Sheerness returned to Balancing Pool
Carbon offsets and cash payments from AltaGas and TransCanada
Supports coal phaseout, renewable integration, price stability
The Government of Alberta has reached final agreements to settle power purchase arrangements (PPAs) with AltaGas Ltd. and TransCanada Energy Ltd.
The agreements will terminate the PPA held by ASTC Power Partnership, a partnership between AltaGas and TransCanada, for Sundance B. The agreements will also terminate TransCanada’s PPAs for Sundance A and Sheerness, aligning with Alberta’s plan to retire coal power by 2023 across the province. The PPAs will be returned to the Balancing Pool.
“These agreements will help ensure Albertans receive stable, reliable power at affordable prices as we transition from coal and add more renewable energy. Moving ahead, the province looks forward to working with energy companies to power Alberta’s future.”
Marg McCuaig-Boyd, Minister of Energy
The province has launched requests for proposals to purchase clean electricity to accelerate renewable procurement.
AltaGas will contribute 391,879 self-generated carbon offsets and pay $6 million to the Balancing Pool. The cash payments will be made over three years starting in 2018, as many electricity generators switch to gas across Alberta.
TransCanada has provided value associated with a package of carbon offset credits that it has amassed as part of its risk management efforts. The value of the credits will be reflected in TransCanada’s annual, year-end financial statements, which will be released in February 2017.
The carbon offset contribution allows the Balancing Pool greater flexibility in meeting its future greenhouse gas emissions compliance obligations for the PPAs it will hold, especially as Alberta’s last coal plant closes and the grid embraces clean energy.
This action today completely removes TransCanada Energy and AltaGas Ltd. from the court proceedings and settles the matter between them and the government as well as all arbitrations between the two companies and the Balancing Pool. Capital Power has also been removed from the government's proceeding as per its settlement with them, announced Nov. 24, 2016.
