Confirming the continuing success of its business strategy, ENMAX Corporation today announced that, as a result of acquiring highly competitively priced sources of supply, it is now offering the best electricity prices in the province, while increasing net earnings for the first half of the year by 9% compared with the same period of 2005.

“The strength of our business strategy is starting to show,” said President and CEO Gary Holden.  “We’re bringing industry-leading prices and products to Albertans while increasing returns to our shareholder.  Those customers who opted for EasyMax earlier this year saved money.  I’m confident that those who take up our new offers will also be pleased with their decisions.”

Net earnings for the first six months of 2006 were $62.3 million compared with $57.2 million for the same period last year. The increased earnings are attributable to higher sales volumes for both electricity and natural gas, which continued to grow in the second quarter relative to 2005, partially offset by the associated costs of growing the customer base.

Electricity sales increased 30% in the first six months of 2006, totaling 5,865 gigawatt hours compared to 4,510 in the same period of 2005. Natural gas sales were 7,826 terajoules in the first half of 2006 compared to 5,255 in the first half of 2005, an increase of 49%. Total revenue was up approximately 24% to $725.9 million in the first half of 2006 compared to $582.8 million for the same period in 2005.

Capital spending in the first half of 2006 was $396.8 million, primarily for the Corporation’s previously announced acquisition of a 55% interest in the Battle River Power Purchase Agreement. In addition, ENMAX spent $45 million on the expansion and upgrading of Calgary’s electrical distribution and transmission systems. The company expects to spend a total of $100 million on the Calgary electrical system in 2006.

ENMAX paid $12.5 million in the second quarter of 2006 toward the $50 million total dividend the Company declared to its shareholder for the year. 

ENMAX Corporation and its predecessors have provided Albertans with safe and reliable electricity for 100 years. ENMAX provides electricity, natural gas, renewable energy and value-added services to residential, commercial and industrial customers in Alberta through its subsidiary companies. ENMAX Energy owns low-cost electricity generation output from the Keephills and Battle River coal-fired plants and, through a subsidiary, is one of Alberta’s largest investors in renewable energy assets with 100 per cent ownership of output from the McBride Lake Wind Farm and Taber Wind Farm. ENMAX Energy has the largest green power marketing program of its kind in Canada and in 2006 received the Consumer Champion Award for its ground-breaking EasyMaxTM program. For more information, visit our website at enmax.com.