As a result of ENMAX Energy Corporation’s acquisition of highly competitively priced sources of supply, ENMAX has continued to offer the best electricity prices in the province, while increasing net earnings for the first nine months of 2006 by 9 percent compared with the same period in 2005.
“Albertans are seeing the advantages of our competitively priced offers and are signing up in increasing numbers,” said President and CEO Gary Holden. “We’re bringing benefits to customers while increasing returns to our shareholder. More and more households are understanding that doing nothing – opting for the government-approved RRO rate – has cost them money and are signing up for EasyMax. Those customers who opted for EasyMax earlier this year have saved money. I’m confident that those who take up our new long-term offers – which they can leave whenever they wish without penalty - will also be pleased with their decisions.”
As a result of ENMAX’s operating, maintenance and administrative expenses rising by only two percent during the first nine months of the year compared to the same period in 2005, EBITDA (earnings before interest, income tax, depreciation, amortization and non-controlling interest) during this period increased by 15 percent compared with the same period in 2005.
Capital spending in the first nine months of 2006 was $434 million, primarily for ENMAX Energy’s previously announced acquisition of a 55 percent interest in the Battle River Power Purchase Arrangement. In addition, ENMAX Power spent $75 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 third 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.