“ENMAX Corporation’s third quarter revenue is up 30 per cent over the same period last year, to a record of $550 million. Net earnings for the quarter are also up by almost 14 per cent,” said Gary Holden, President and CEO of ENMAX Corporation. “ENMAX Energy customers have benefited from competitively priced electricity and gas and we have continued to deliver value to our shareholder. This is the sixth straight quarter in which revenues and operating margins have improved over the previous year.”
These results were achieved while dealing with stringent new provincial environmental policies and escalating salaries and other operating costs. “The environmental levies were not expected until 2010 so we have been actively pursuing ways to mitigate these costs to lessen the burden on consumers,” Holden added.
“ENMAX Power has maintained its excellent reliability record while continuing to invest in Calgary’s rapidly growing infrastructure needs – almost another $80 million so far this year – while operating under 2006 rates,” concluded Holden. Rate increases for 2007 are yet to be established as the process with the EUB has not yet been completed.
For the first nine months of 2007, revenues of ENMAX Corporation rose by 35 per cent compared to the same period of 2006. Stated net earnings for this period rose by seven per cent, but this figure is impacted by one-time tax adjustments in 2006, without which the underlying increase in net earnings would have been 24 per cent.
ENMAX Corporation paid $12.5 million in the third 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, 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.