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EDMONTON, Alberta, June 28, 2021 (GLOBE NEWSWIRE) — Capital Energy Company (TSX: CPX) (“Capital Energy” or the “Firm”) introduced immediately it has joined the Powering Previous Coal Alliance, a coalition of nationwide and sub-national governments, companies and organizations, co-chaired by the UK and Canadian governments, dedicated to advancing the transition away from conventional coal technology and accelerating the transition to scrub power. Capital Energy’s dedication to being web carbon impartial by 2050 is a key driver of its technique because the Firm advances its clear power targets by investing in world-leading optimization, effectivity and emissions discount options – serving to Canada to satisfy its local weather targets and offering dependable, inexpensive and sustainable electrical energy integral to Alberta’s and Canada’s power future.
As a part of Capital Energy’s technique to satisfy its mid-century web carbon impartial aim, the Firm has introduced a $1 Billion initiative to remodel its Genesee Producing Station to pure gasoline energy technology, ending coal-fired technology in 2023, six years forward of the legislated off-coal date. This initiative contains repowering Genesee Models 1 & 2 with best-in-class pure gasoline mixed cycle know-how, that will probably be hydrogen succesful and carbon conversion-ready, and changing Genesee Unit 3 to pure gasoline, delivering elevated capability of 560 MW and three.4 million tonnes of annual carbon emissions reductions. The Firm can be investing in carbon seize, utilization and sequestration (CCUS) applied sciences onsite to pursue extra carbon emissions reductions, in addition to investing in rising its wind and photo voltaic asset portfolio.
“It’s our duty to do our half to assist society meet the long-term challenges going through our planet. We now have an extended historical past of claiming what we’ll do, then doing what we are saying – and our actions to maneuver off coal, spend money on hydrogen- and CCUS readiness, and spend money on a sustainable power future for Canada show simply that,” mentioned Kate Chisholm, Senior Vice President, Planning, Stakeholder Relations and Chief Sustainability Officer. “Our technique clearly demonstrates alignment with the Powering Previous Coal Alliance – we’re dedicated to collaboration and dealing to speed up the clear power transition, with a give attention to guaranteeing the continuing availability of dependable, inexpensive energy for our grids, accessibility for all, and a simply transition for affected communities and workers.”
“It’s my pleasure to welcome Capital Energy to the Powering Previous Coal Alliance. Canadian companies have an essential function in delivering on Canada’s local weather motion. Within the transition from coal, Capital Energy is placing its net-zero emissions dedication into motion and demonstrating the financial advantages and lowered monetary dangers of phasing out coal. I look ahead to our continued work collectively within the struggle towards local weather change,” mentioned Hon. Jonathan Wilkinson, Minister of Surroundings and Local weather Change, Authorities of Canada.
- Brian Vaasjo, President and Chief Govt Officer will be a part of the digital PPCA Internet Zero Enterprise Leaders Dialogue: Coal Section-Out because the First Step to Internet-Zero occasion immediately, June 28, 2021 at 9:00 AM MT. This occasion is a part of the London Local weather Motion Week programming. The session is open to media and the general public – register here.
- Learn more about Capital Energy’s dedication to being web carbon impartial by 2050 and its 10 Sustainability Targets, addressing a spectrum of ESG-related priorities.
- Learn more about Capital Energy’s repowering undertaking on the Genesee Producing Station situated west of Edmonton in Alberta, Canada.
- Learn more in regards to the Powering Previous Coal Alliance.
About Capital Energy
Capital Energy is a growth-oriented North American wholesale energy producer with a strategic give attention to sustainable power headquartered in Edmonton, Alberta. We construct, personal and function high-quality, utility-scale technology services that embody renewables and thermal. We now have additionally made vital investments in carbon seize and utilization to cut back carbon impacts and are dedicated to be off coal in 2023. Capital Energy owns over 6,400 megawatts (MW) of energy technology capability at 26 services throughout North America. Initiatives in superior improvement embody 425 MW of owned renewable technology capability in North Carolina and Alberta and 560 MW of incremental pure gasoline mixed cycle capability, from the repowering of Genesee 1 and a pair of in Alberta.
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