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AltaGas affiliate reaches power purchase settlement with Alberta

AltaGas Pipeline Partnership on Dec. 16 reached a definitive settlement agreement with the government of Alberta for the termination of power contracts for units 3 and 4 of the company's Sundance B facility.

In exchange of full release from all power purchase agreement obligations related to the Sundance B units, AltaGas will pay C$6 million in cash over three years starting 2018 and will contribute 391,879 self-generated carbon offsets. The power purchase agreements for both units were formerly held by a partnership between TransCanada Energy Ltd. and AltaGas Ltd.

Alberta sued Capital Power Corp., ENMAX Corp. and affiliates of TransCanada Corp. and AltaGas Ltd. for C$2 billion after the companies returned their power purchase agreements to the Balancing Pool, citing a clause in the contracts that allowed them to walk away if legislation made them "more unprofitable."