Veresen

Veresen Inc. was a Calgary, Alberta-based energy infrastructure company with three main lines of business: Pipelines, Natural Gas and Power Generation. It was a publicly traded company on the Toronto Stock Exchange, and was known as Fort Chicago Energy Partners L.P. under January 2011. In 2017, it was acquired by Pembina Pipeline for $9.7 billion.[1]

Veresen Inc.
TypePublic company
IndustryNatural Gas/Pipelines
FateAcquired by Pembina Pipeline
Defunct2017 (2017)
Headquarters
Calgary, Alberta
,
Canada
Key people
Don L. Althoff, CEO; Stephen W. C. Mulherin, Chairman
Websitewww.vereseninc.com

Business segments

Pipelines

Natural Gas

Power Generation
  • Fort Chicago's Power - a co-generation and electrical power business with:[6]
    • Charlottetown, Prince Edward Island district heating and power generation plant
    • London, Ontario district heating and power generation plant (producing 17 MW of electricity and 52 MW for the district heating system)
    • Ripon, California district heating and power generation plant
    • San Gabriel, California district heating and power generation plant
    • Brush II 70 MW generation facility in Brush, Colorado
    • East Windsor 84 MW Generating Facility that supplies heat to Ford's plant in Windsor, Ontario as well as electricity
    • NRGreen Power subsidiary of Alliance that operates four 5 MW generating stations using waste heat from pipeline pumping station in Saskatchewan
    • Swift Power L.P purchased by Veresen Inc. Swift Power L.P. is developing run of the river hydro projects in British Columbia

Move into Renewable Energy

Beginning in the spring of 2010, Fort Chicago began aggressively moving into the renewable energy sector, with a particular focus on British Columbia.

Pristine Power

In September 2010, Fort Chicago reached an agreement to purchase Pristine Power, which develops biomass and hydro power projects. Prior to this transaction, Fort Chicago had an 11.4% stake in Pristine.

In September 2009, Pristine Power increased its ownership position from 10% to 47% in the Klinaklini project proposed by Kleana Power. The deal was structured as a nominal down payment with future payments coming after various milestones, notably the signing of a PPA (however the project was unsuccessful in 2008 Call). With this deal, Pristine increased its ownership position in several other projects, including Machmell River, and expected that its generation portfolio would double to 282MW.

ENMAX Power Corporation

In September 2010, Fort Chicago reached an agreement to purchase three BC-based hydro assets of ENMAX, the City of Calgary’s municipally-owned electric utility.

British Columbia based hydro assets
  • Furry Creek Hydro, in operation since 2004 with a 3 km penstock which drops 366 meters to an 11 MW pelton wheel. The plant is 40 km north of Vancouver accessed by the Sea to Sky highway.
  • Clowhom Hydro has two run-of-river hydroelectric plants located northeast of Sechelt, BC. Upper Clowhom has a 1900-meter penstock leading to an 11-MW turbine. Similarly Lower Clowhom has a 1200-meter penstock leading to an identical 11-MW turbine.[7]
  • Culliton Creek Hydro Facility is a run-of-river hydroelectric project commissioned in May 2016, it is located 20 km north of Squamish, BC. A 3 km penstock delivers water downstream to the powerhouse housing two 7.5 MW turbines. (Veresen owns a 50 percent interest)[8]

References and footnotes
  1. "Pembina Pipeline offers $9.7B for friendly takeover of competitor Veresen". CBC News. Retrieved 2018-02-20.
  2. Alliance Pipeline
  3. AEGS
  4. http://www.fortchicago.com/our-businesses/alton-gas-storage.html
  5. Sickenger, Ted (25 March 2016). "Jordan Cove LNG finds potential gas buyer, says there is need for the project". The Oregonian. Retrieved 25 March 2016.
  6. "Archived copy". Archived from the original on August 11, 2010. Retrieved January 17, 2010.CS1 maint: archived copy as title (link)
  7. http://www.canprojects.com/projects/hydro/clowhom/
  8. https://news.gov.bc.ca/releases/2016MEM0010-000870
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