AltaLink Receives AUC Approval of Financing Agreement for Central East Transfer-Out Project
November 12, 2024
A financing agreement with the Canada Infrastructure Bank (CIB) to reduce transmission costs for customers was approved by the Alberta Utilities Commission (AUC) on October 18, 2024. AltaLink secured financing for the Central East Transfer-Out Project (CETO) which will save Albertans approximately $60 million over the 30-year financing of the project.
“This first-of-its-kind financing agreement is a positive result for our customers, saving Albertans millions of dollars, while strengthening the transmission system in east central Alberta and increasing access to new, clean generation,” said Gary Hart, President and Chief Operating Officer. “We’re excited to be part of the CIB’s first investment in transmission under its Clean Power priority sector, and pleased that the AUC recognizes the benefit to Alberta ratepayers.”
The CETO project is a 130-kilometre, 240 kV transmission line that connects the Gaetz substation on the northeast corner of Red Deer, Alberta, to the Tincherbray substation east of Stettler, Alberta. The transmission line is scheduled to be energized in 2026. AltaLink and ATCO Electric will each own and operate a portion of the project.
AltaLink will continue to work with the CIB on further financing arrangements that deliver cost savings for its customers related to two additional future projects.
