Canada’s Kiwetinohk Energy advances transition work
Kiwetinohk Energy, created in June 2021 to pursue carbon-free energy solutions, reported its first full quarter of operating results on November 26, highlighted by “significant progress” in advancing its portfolio of power development projects.
With natural gas production from the Montney and Duvernay fairways in Alberta of about 51.8mn ft3/day in Q3 2021, Kiwetinohk’s strategy is to develop a portfolio of power generation projects ranging from gas-fired power generation with carbon capture and storage (CCS) to renewable sources, including wind and solar.
“By building a portfolio of renewable and natural gas-fired power projects with carbon capture, the corporation seeks to generate a profitable integrated power business which provides reliable, sustainable energy, lower CO2 emissions and enables maximum renewable capture,” it says.
Kiwetinohk’s most advanced project is a 101-MW gas-fired internal reciprocating engine-driven power facility it calls a ‘Firm Renewable’ project that addresses the need for stability to support the intermittency of wind and solar renewables. Work is also underway to evaluate the addition of a pilot CCS addition to the project.
It also has two gas-fired combined cycle projects and one solar photovoltaic power project in early development and is evaluating a joint venture to produce blue hydrogen from natural gas which would then be used to provide hydrogen-fueled process heat to an industrial complex.
In Q3 2021, Kiwetinohk reported commodity sales revenue of C$66.9mn (US$52.4mn), cash flow from operating activities of C$29.6mn, adjusted funds from operations of C$28.22mn and a net loss of C$29.68mn.