Ms. Nancy Southern reports

ATCO TO BEGIN YELLOWHEAD PIPELINE CONSTRUCTION: DELIVERING ALBERTA INFRASTRUCTURE THAT ENABLES GROWTH

Atco Ltd.'s subsidiary, Canadian Utilities Ltd., has received final approval from the Alberta Utilities Commission (AUC) for the Yellowhead pipeline project, clearing the way for construction of a $2.9-billion natural gas infrastructure project that will support Alberta's continued economic growth, industrial expansion and rising energy demand. This approval follows a comprehensive consultation and application process. The approved project will consist of the construction and operation of a 235-kilometre, 36-inch-diameter natural gas transmission pipeline from the Peers area to the Fort Saskatchewan area and one compressor station. The pipeline is already fully contracted, signifying the demand for natural gas to fuel Alberta's growth and attract investment to the province.

Highlights:

• Alberta Utilities Commission approves the construction and operation of the facilities for the Yellowhead pipeline project; construction is set to begin immediately.
• Atco is leading energy infrastructure investment, furthering resource accessibility and economic opportunity in Alberta.
• With an estimated investment of $2.9-billion, the natural gas pipeline project is expected to create approximately 2,000 direct construction jobs and catalyze significant downstream economic development, supporting an estimated 12,000 additional construction jobs and 20,000 permanent jobs annually once associated downstream investments are operational.
• Once operational, the downstream investments driven by Yellowhead are estimated to contribute $3.9-billion annually to Alberta's GDP (gross domestic product).

"As our province continues to grow, Atco remains committed to building the critical energy infrastructure and making investments across housing, energy and defence that create opportunities for future generations," said Nancy Southern, chair and chief executive officer of Atco. "The Canadian Utilities team is progressing the Yellowhead pipeline with care and at pace, demonstrating the solid project execution and bold, long-term infrastructure investment required to support Alberta's continued growth and strengthen Canada's economic future."

The Yellowhead pipeline is an important infrastructure project for the company, investing an estimated $2.9-billion to support Alberta's economic growth and industrial expansion. Alberta is expected to experience significant population and industrial growth over the coming decades, increasing demand for energy, housing and supporting infrastructure. Atco is responding through strategic investments that strengthen energy reliability while enabling broader economic development.

As a global enterprise, Atco and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $28-billion. Atco is committed to future prosperity by working to meet the world's essential energy, housing, security and transportation challenges. Atco Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. Atco Frontec provides operational support services to government, defence and commercial clients. Atco Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution and international electricity operations. Atco EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. Atco Australia develops, builds, owns and operates energy and infrastructure assets. Atco Energy provides retail electricity and natural gas services, home maintenance services and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. Atco also has investments in ports and transportation logistics, the processing and marketing of ash, retail food services, and commercial real estate.

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