ENMAX Corporation (ENMAX) today announced adjusted net earnings from operations for the three and six months ended June 30, 2009 of $47 million and $88 million respectively. These earnings levels are consistent with net earnings for the same periods last year.

“The stability in our adjusted year over year earnings even in a difficult market demonstrates the results of our continued focus on the customer,” said Gary Holden, President & CEO of ENMAX Corporation. “ENMAX continues to execute on its strategy and has delivered consistent returns to our shareholder.”

After giving effect to a regulatory decision, the acquisitions of Kettles Hill Wind Farm and the Calgary Energy Centre, foreign exchange exposures relating to the purchase of certain generating facilities and adjustments to previous income tax estimates, net earnings for the three and six months ended June 30, 2009, were up 4% and 27% to $51 million and $111 million respectively.

ENMAX Energy’s electricity customers purchased 3,916 gigawatt hours (GWh) and 8,039 GWh in the three and six months ended June 30, 2009 compared to 3,635 GWh and 7,473 GWh for the same periods in 2008.  Sales volumes of natural gas totaled 6,531 terajoules (TJs) and 20,617 TJs compared to 5,418 TJs and 18,015 TJs in the same periods of 2008, respectively. 

Electricity customers on the regulated rate option (RRO) provided by ENMAX Power purchased 538 GWh in the second three months of 2009 compared to 570 GWh over the same period last year, a decrease of 5.9% per cent. Sales to the same RRO customers totaled 1,109 GWh for the first six months of 2009 compared with 1,214 GWh for the same six months in 2008 – a decline of 8.6%.  The decreased sales volumes are due in part to customers choosing competitive retail offerings.

ENMAX Corporation paid its second 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.