Kiwetinohk update

Written By Siddhanth Arikari

I reached out to Jakub Brogowski,  CFO of Kiwetinohk Energy (KEC-T $13.00 Mkt Cap $569 million), asking for a brief corporate update on the back of the recently announced Enbridge acquisition of three California-based utilities.
 
Below are his comments, which I find very helpful, which include a note on the Homestead solar project status in the wake of a recent Alberta government pause on approval of new renewable electricity generation projects.

Any questions, let me know- and if you’d like a short chat with Jakub as well, I’d be happy to arrange:
 
Kiwetinohk August 2023 update:

  • On August 3, 2023 the Alberta Utilities Commission (AUC) paused approval of new renewable electricity generation projects.

  • Kiwetinohk has 3 solar projects in their portfolio and the 400MW Homestead project is not caught up in the moratorium as it has already received regulatory approval. 

  • The Company is currently actively moving the Homestead project forward on all fronts including the AUC transmission line approval process, power purchase agreements and EPC finalization. 

  • Kiwetinohk hosted an open house and engaged with local stakeholders on the 170MW Phoenix solar project on August 18, 2023 and was in the news in attached Red Deer Advocate link: Public gets look at Sylvan Lake solar power project - Red Deer Advocate

  • Upstream operations continue to move forward:

    • Resumed drilling on 4 well 14-29 Duvernay pad

    • Finishing up completion activity on a 2 well 11-24 Duvernay pad

  • Other industry updates – Enbridge announces strategic acquisition of three U.S. Based Utilities to Create Largest Natural Gas Utility Franchise.  Release Details - Enbridge Inc.  This emphasizes the critical role that natural gas will play in North America’s energy transition and further validates the Kiwetinohk business strategy to pursue natural gas integration with its gas fired power projects. 

  • Overall Kiwetinohk has one of the largest power development portfolios in Alberta. Here is the summary:

Thanks for your continued interest and support. 

Rick Peterson (He/him)
Chair

Siddhanth Arikari
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