TransCanada and AltaGas to buy Enron's Sundance
- TORONTO - TransCanada Pipelines Ltd. said on Wednesday it will team with AltaGas Services Inc. to buy Enron Canada Power Corp.'s Sundance power purchase arrangement for C$220 million ($140.1 million).
TransCanada said in a release that its TransCanada Energy Ltd. division will pay C$110 million for a 50 percent interest in the 706-megawatt partnership, with AltaGas paying the other C$110 million. The deal is scheduled to close on Dec. 31.
The company said it will not be exposed to Enron's capital risk if Enron Canada cannot fulfill its obligation to transfer the PPA to the partnership which Enron purchased from the Alberta government in August, 2000.
Enron Corp., North America's largest energy trader, filed for bankruptcy protection earlier this week.
The firm's Canadian unit, Enron Canada Corp., is hoping to stay in business, and its lawyers will appear in court on Wednesday to try to convince a judge to honor contracts for a month while it restructures.
Enron's Canadian unit told Reuters on Tuesday it had sold the Alberta power purchase agreement, but it did not name the buyers.
($1=$1.57 Canadian)
Related News
Tariffs on Chinese Electric Vehicles
CANADA - Canada, a rising star in critical EV battery minerals, finds itself at a crossroads. The question: should they follow the US and EU and impose tariffs on Chinese electric vehicles (EVs)?
The Allure of Protectionism
Proponents see tariffs as a shield for Canada's auto industry, a vital job creator. They argue that cheaper Chinese EVs, potentially boosted by government subsidies, threaten Canadian manufacturers. Tariffs, they believe, would level the playing field.
Consumer Concerns and Environmental Impact
Opponents fear tariffs will translate to higher prices, deterring Canadians from buying EVs. This could slow down Canada's transition to cleaner transportation,…
