ENMAX Corporation (ENMAX) today announced net earnings of approximately $48 million (excluding the estimated impact relating to a regulatory decision that was retroactive to January 1, 2007) for the first quarter of 2009. These earnings represent a $10 million increase from the $38 million recorded in the same quarter last year. The regulatory decision reflects a revenue increase to retroactively recover costs incurred in 2007 and 2008 in the regulated transmission and distribution businesses, of an additional $12 million in net earnings, which were recorded in the first quarter of 2009.

“The acquisition of the Calgary Energy Centre and Kettles Hill Wind Farm completed last year contributed to our first quarter results as expected,” said Gary Holden, President and CEO of ENMAX Corporation. “Our first quarter results also demonstrate continued growth in our retail, wholesale and generation businesses.”

ENMAX Energy’s electricity customers purchased 4,123 gigawatt hours (GWh) in the first three months of 2009 compared to 3,838 GWh over the same period last year, an increase of 7.4 per cent. Sales volumes of natural gas in the first quarter rose by 11.8 per cent to 14,086 terajoules (TJs), up from 12,597 TJs for the first quarter of 2008. 

Electricity customers on the regulated rate option provided by ENMAX Power purchased 571 GWh in the first three months of 2009 compared to 644 GWh over the same period last year, a decrease of 11.3 per cent due in part to customers choosing competitive retail offerings.

ENMAX Corporation paid its first quarterly installment toward the 2009 dividend of $55 million to its shareholder, The City of Calgary.

ENMAX Corporation
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe and reliable electricity for more than 100 years. ENMAX Corporation provides electricity, natural gas and value-added services to more than 600,000 residential, commercial and industrial metered customer locations in Alberta. ENMAX Energy Corporation, a subsidiary of ENMAX Corporation, is Alberta’s leading competitive electricity retailer.  Through subsidiaries, ENMAX Energy is one of Alberta’s largest investors in renewable energy and was the first Canadian electricity retailer to offer customers the option to support wind generated energy. As well, ENMAX Corporation, through its subsidiary ENMAX Envision, provides fibre optic networks for high speed data and internet communications. Visit our website at enmax.com.