2026 Annual General Meeting Resolutions of the Lulu Island Energy Company

Background LIEC, a corporation wholly-owned by the City of Richmond, was established to provide district energy services for the City. Under direction from Council, and following receipt of the necessary approval from the Inspector of Municipalities, the incorporation of LIEC was completed in August 2013. In June 2014, the City and LIEC executed a District Energy Utilities Agreement, assigning LIEC the function of establishing and operating district energy systems, as well as providing thermal energy services on behalf of the City. LIEC currently owns and operates the Alexandra District Energy Utility (ADEU) and City Centre District Energy Utility (CCDEU), which is inclusive of the Oval Village District Energy Utility (OVDEU). Both the Alexandra and the City Centre service areas have been experiencing rapid redevelopment since 2011. Rising interest rates, high construction costs, and decreased pre- sale demand continue to slow down development activity. LIEC staff, in collaboration with the City, continue to monitor development activity, and in line with the established 'just in time" approach to infrastructure build-out, are making sure that the new infrastructure is not built until the future customer connections are confirmed through the building permit process. This approach minimizes the risk of stranded infrastructure due to a development slowdown.

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