ENMAX Corporation (“ENMAX”) today announced 2008 third quarter net earnings of $62 million on $613 million of total revenues up from $39 million on $550 million of total revenues over the same period last year.
“Our solid performance this quarter, including a significant increase in sales volumes, is the result of our continued commitment to creating value for our customers and shareholder,” said Gary Holden, President & CEO of ENMAX Corporation. “This is a clear reflection of the continued success of our customer growth initiatives including our EasyMax® program, which offers the lowest fixed electricity rates in Alberta through flexible long term contracts,” added Holden.
Net earnings for the nine months ended September 30, 2008 were up 46% to $150 million from $103 million for the same period last year. Total revenues for the first nine months in 2008 were up 27% to $1.9 billion compared to $1.5 billion for 2007. The Company’s solid performance resulted in an increase in the annualized return on equity to 13.1% from 9.9% the same period last year.
Electricity sales totaled 4,481 gigawatt hours (GWh) and 13,168 GWh in the three and nine months ended September 30, 2008 compared to 4,086 GWh and 11,589 GWh for the same periods in 2007. Natural gas customers purchased 4,319 terajoules (TJ) and 22,334 TJ in the three and nine months ended September 30, 2008 compared to 2,848 TJ and 16,618 for the same periods in 2007.
ENMAX paid $12.5 million in the third quarter toward the $50 million total dividend the Company declared to its shareholder earlier in the year.
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe and reliable electricity for more than 100 years. ENMAX provides electricity, natural gas and value-added services to more than half a million residential, commercial and industrial customer accounts in Alberta. Through a subsidiary, ENMAX Energy is one of Alberta’s largest investors in renewable energy with partial ownership of the McBride Lake Wind Farm and complete ownership of the Taber and Kettles Hill Wind Farms. ENMAX Energy’s Greenmax was one of the first green power marketing programs in Canada, and celebrates its 10th anniversary in 2008. Visit our website at enmax.com.
You can choose any retailer listed at www.ucahelps.gov.ab.ca or at 310-4822. Electricity delivery to your home or business isn't affected by your choice of retailer.