ENMAX Corporation today announced 2005 first quarter net earnings of $31.5 million. "ENMAX has maintained its net earnings at the same level as the first quarter of last year, despite the combined effect of intensifying competition and the impact of regulatory rulings,” said Gary Holden, ENMAX president and chief executive officer.

Operating results reflect a 127% increase in natural gas sales volumes from 1,550 terajoules in the first quarter of 2004 to 3,524 terajoules in the first quarter of 2005. Electricity sales were stable at 2,316 gigawatt hours sold in 2005 compared to 2,352 gigawatt hours sold in the first quarter of 2004.

Total revenue for the first quarter of 2005 was $293.6 million compared to $298.3 million for the same quarter in 2004. The decrease was mainly due to lower revenue from the regulated tariffs, lower average market prices paid for by electricity customers who are on a flow-through rate, and reduced demand resulting from warmer weather in the first quarter of 2005. These revenue reductions were partially offset by the growth in natural gas revenue.

ENMAX net capital expenditure was $20.5 million in the first three months of 2005, primarily for expansion of the distribution system. The 2005 capital budget is $210 million, which will be spent on ongoing distribution system maintenance and expansion, and for growth projects. In the first quarter, ENMAX paid an installment of $12.5 million on its 2005 dividend. The Company announced the 2005 dividend of $50 million in February.

ENMAX Corporation is celebrating its 100th year of providing Albertans with safe and reliable electricity. A wholly owned subsidiary of The City of Calgary, ENMAX provides electricity, natural gas, renewable energy and value-added services to more than 435,000 residential, commercial and industrial customers in Alberta through its subsidiary companies. In addition, ENMAX owns 50% of Canada’s largest wind farm and has the first and largest green power marketing program of its kind in Canada. For more information, visit our website at enmax.com.