EPCOR announces world’s largest trans-Atlantic greenhouse gas emissions trade

EDMONTON, Nov 9, 2000 (PRNewswire via COMTEX)à‚–EPCOR Utilities Inc. and Fortum today announced the world’s largest trans-Atlantic trade of carbon dioxide emission reduction credits. EPCOR’s purchase of 50,000 tonnes of CO2 credits was made possible when Fortum, a European energy company, made a fuel switch to biomass at one of its Finnish power plants.

The trade concerns emission reduction credits created in 2000. The deal brokered by NatSourceà‚®LLC, a New York-based broker of energy and environmental related products, will see the credits transferred to EPCOR on January 31, 2001.

“EPCOR believes the best way to promote an active and effective emissions trading market is to prove to others that it can be done successfully, not just at the national or North American level but internationally,” said Don Lowry, President and CEO of EPCOR Utilities Inc. “Managing greenhouse gas emissions is a global challenge that requires countries, companies, communities and consumers to work together.”

“This emissions trade with EPCOR is an excellent fit to our ‘learning by doing’ approach with respect to the climate issue. Our Climate Initiative, launched in the beginning of this year, includes both climate benign actions at our own facilities and activities promoting emissions trading type of operations and this agreement combines both,” said Heikki Niininen of Fortum, Corporate Vice President, Climate and Emissions Trading.

The 50,000 tonnes of carbon dioxide credits that EPCOR is gaining in the trade is the equivalent of reducing greenhouse gas emissions by removing 50,000 cars from the world’s roadways for one year – the same amount of traffic that travels between Calgary and Edmonton on Highway 2 each day.

This transaction is a glimpse into the future of the global greenhouse gas market notes Garth Edward, a broker at Natsource. “EPCOR and Fortum have worked together to establish strong verification standards, exploring the legal basis of international transactions and raising awareness of how this market can deliver solid environmental benefits to the global community,” said Edward.

EPCOR has met and surpassed greenhouse gas reduction targets since 1994 through innovative programs ranging from sustainable building retrofits, fly ash sales, wood pole recycling, and landfill gas operations. Their environmental leadership was recognized by Canada’s Voluntary Challenge Registry when they awarded EPCOR with two awards the 1999 VCR Gold Award for Reporting and the 1999 Leadership Award in the electric utilities class.

“We hope that defining rules for emissions trading will be one of the issues brought to the table as the member nations begin negotiations next week at the sixth Conference of the Parties,” said Dr. David Lewin, Senior Vice President, Sustainable Development for EPCOR. “EPCOR strongly supports the development of national and international regulations governing emissions trades.” Members of the Conference of the Parties (COP) are those international governments that were involved in drafting the Kyoto Protocol in 1997. COP-6 will be meeting in The Hague from November 13 to 24.

Additional information on EPCOR’s environmental initiatives are available through their web site, www.epcor.ca.

EPCOR is an Alberta-based company with $2.8 billion in assets. EPCOR generates 1,782 MW power in Alberta; operates transmission and distribution networks; builds and operates water and wastewater treatment plants; operates Canada’s third largest water distribution network; and sells essential elements for living – power, water and natural gas – to customers across Canada. EPCOR also markets commercial electric services such as landfill gas management, street lighting, electrical and water meter services.

Fortum Corporation – founded in 1998 in the merger of the IVO Group (power and heat) and the Neste Group (oil and gas) is one of the leading Nordic energy companies, covering the entire energy chain, from production, refining, distribution and marketing of oil and gas to engineering, sales and distribution of electricity and generation of power and heat. A network of more than 1,000 service stations operates in Finland, the St. Petersburg area, the Baltic countries and Poland. In 1999, the net sales totaled US $8200 million. The number of employees is 14,000. Fortum is listed on the Helsinki Stock Exchange. More information about the company can be found on Fortum’s Internet pages https://fortum.com

Natsource RLLC is a leading broker of energy related products and participates in the power, natural gas, coal, weather hedging and emissions allowance credit markets. Headquartered in New York, Natsource’s client base includes over 600 global companies who are leaders in the utility, coal, oil and natural gas markets, as well as the investment and commercial banking communities. With its joint venture partner, Tullett and Toyko Liberty Plc, Natsource has global reach in all of the major financial centers. www.natsource.com

SOURCE EPCOR

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