Alberta pays $95 million to settle another coal policy lawsuit, total payouts near $240 million

The Alberta government has agreed to pay $95 million to Evolve Power, resolving another lawsuit linked to the province’s reversal of its coal policy. The latest settlement brings total payouts to almost $240 million, following a $143 million agreement reached earlier this year with another mining company.

According to a notice to shareholders, Evolve Power will return two coal leases to the province as part of the deal. The company said the agreement represents the best possible outcome and that its board will soon determine dividends for shareholders.

Energy Minister Brian Jean’s office confirmed the settlement but declined to share specific terms, stating the government is seeking fair resolutions to the lawsuits while protecting Albertans’ interests. The province also said it has no plans to re-lease the surrendered lands.

Several coal companies launched legal action after Alberta reinstated its long-standing coal policy in 2022, less than two years after lifting it. The abrupt shift came after firms had already purchased land and made investments in anticipation of new mining projects.

The total damages initially sought by the companies were close to $16 billion, but following the two settlements, the amount claimed in ongoing litigation has dropped to around $10 billion.