ENMAX Corporation pays dividends to The City of Calgary each year based on the greater of $30 million per year or 30 per cent of the prior year's net earnings. Dividends are paid quarterly in arrears.
This policy meets the need of The City of Calgary to receive industry competitive returns on its investment in ENMAX Corporation. This dividend policy also ensures ENMAX Corporation maintains a strong balance sheet and can meet its need for short-term and long-term capital to implement the company's strategic plan.
In 2007, $50 million in dividends was distributed to the City of Calgary ($39 million based on ENMAX's 2006 $130.1 million net earnings plus a special dividend of $11 million).