ENMAX today confirmed the continued success of their business strategy with a solid financial performance for the first half of 2007.

“ENMAX has performed according to plan for the quarter and first half of the year” remarked Gary Holden, President and CEO of ENMAX Corporation.  “We took action to manage the inherent price volatility in the electricity market and the results played out as anticipated.”  Holden continued, “Like all companies in Alberta we have significant pressure on staffing costs related to the booming Alberta economy.  We have been able to manage these cost pressures and still deliver improved results to our shareholder.  Current year rate approvals, for transmission and distribution tariffs, are expected in early 2008 to make up for the escalating costs we are experiencing today.”

“We’ve also had record numbers of customers signing up for EasyMaxTM, so it’s clear that people are understanding the benefits of signing long-term contracts at fixed prices” said Holden.

Consolidated net earnings for the first six months totaled $64.7 million compared to $62.3 million for the same period in 2006, with the second quarter contributing $32.1 million of this total.  Net earnings for the second quarter were lower than the same three month period last year.  Higher staffing expenses and increased electricity costs on new sales volumes outweighed gains in electricity and natural gas sales.

Both electricity and natural gas sales made substantial gains over the same period in 2006. ENMAX Energy electricity customers purchased 3,528 GWh (gigawatt hours) in the second quarter of 2007 compared to 2,870 GWh over the same period last year.  Sales volumes of natural gas in the same period grew to 4,778 TJ (terajoules) up from 2,396 TJ for the second quarter of 2006. 

ENMAX paid $12.5 million in the second quarter of 2007 toward the $50 million total dividend the Company declared to its shareholder earlier in 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 more than 500,000 residential, commercial and industrial customer accounts in Alberta through its subsidiary companies. ENMAX Energy contracts low-cost reliable electricity from the Keephills and Battle River coal-fired plants and meets peak demand through a long term agreement with the natural gas fired Calgary Energy Centre. Through a subsidiary, it is one of Alberta’s largest investors in renewable energy with 50 per cent ownership of the McBride Lake Wind Farm and 100 per cent ownership of the 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.