ENMAX Corporation today announced record revenue of $2.1 billion, and net earnings of $141.8 million.
“This was another great year for ENMAX, our owners and our customers,” said ENMAX President & CEO Gary Holden. “In our third straight year of growth and while offering highly competitive electricity prices, we’re continuing to build value for our shareholder.”
“This year promises to be equally exciting,” continued Holden. “We have received shareholder approval for our natural gas-fired 1,000 MW plant near Calgary and submitted the regulatory applications for our 120 MW gas-fired plant near Crossfield, both of which will increase the security of supply for southern Alberta while reducing the environmental impact of the electricity we supply.”
Electricity sales in 2007 were 16,086 gigawatt hours (GWh), an increase of 27 per cent over the 2006 amount of 12,652 GWh. Natural gas sales also rose almost 50 % from 17,979 terajoules (TJ) in 2006 to 26,944 TJ in 2007
During the year, ENMAX Power invested another $121.1 million to maintain and expand its transmission and distribution networks to meet the needs of Calgary’s continued rapid growth. Throughout this period of heavy investment and tight labour markets, ENMAX Power’s operations continued to provide top-class supply reliability.
The year was also notable for the successful completion of construction of the Taber wind farm – Alberta’s largest – which will provide a reliable earnings stream for ENMAX Energy and renewable energy for the City of Calgary for the next 20 years.
ENMAX paid $12.5 million in the fourth quarter of 2007 to complete the $50 million total dividend the Company declared to its shareholder for the year.
ENMAX Corporation and its predecessors have provided Albertans with safe, reliable electricity for more than 100 years. Through its subsidiaries, ENMAX provides electricity, natural gas, renewable energy and value-added services to more than 500,000 residential, commercial and institutional customers in Alberta. ENMAX Energy Corporation contracts low-cost reliable electricity from the Keephills and Battle River facilities and meets peak demand through a long term agreement for the Calgary Energy Centre. ENMAX, through a subsidiary, is one of Alberta’s largest investors in renewable energy with 100 per cent ownership of the Taber Wind Farm and 50 per cent ownership of the McBride Lake Wind Farm. ENMAX Energy has the largest green power marketing program of its kind in Canada. For more information, visit our website at enmax.com.