ENMAX Corporation (“ENMAX”) today announced second quarter net earnings of $60 million compared to $61 million for the same quarter in 2009. This brings year-to-date net earnings to $108 million compared to $126 million for the first half of 2009.
“In addition to stable earnings and strong asset performance, we continued to advance our marketplace activity despite a slower economy,” said Gary Holden, President and CEO, ENMAX Corporation. “We launched district energy in downtown Calgary, and are set to bring renewable energy choices to residential customers by preparing our grid for the future of electric cars, smart meters and home automation.”
Holden noted that ENMAX’s assets – particularly the Crossfield plant – had a strong performance that helped fill the gap created by generation outages across the province during the month of May.
Second Quarter 2010 Highlights:
| (all financial figures are unauditaed and in millions of Canadian dollars unless noted otherwise) |
3-month ended
June 30,2010 |
3-month ended
June 30,2009 |
6-month ended
June 30,2010 |
6-month ended
June 30,2009 |
| Revenues |
$587.4 |
$525.0 |
$1,196.2 |
$1,225.2 |
| Net Earnings |
$59.9 |
$60.9 |
$108.2 |
$126.1 |
| Net Earnings excluding unusual items(1) |
$59.9 |
$30.0 |
$108.2 |
$73.1 |
| Capital investment in transmission and distribution networks |
$27.1 |
$55.4 |
$51.9 |
$82.0 |
| Electricity volumes (GWh) |
4,732 |
4,454 |
9,548 |
9,148 |
| Natural Gas volumes (TJ) |
6,827 |
6,531 |
19,797 |
20,617 |
(1) ENMAX uses the measure "Net earnings excluding unusual items” in this news release. This measure does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP). It is, therefore, considered to be a non-GAAP measure and is unlikely to be comparable to similar measures presented by other entities. Management of ENMAX uses this non-GAAP measure to improve its ability to compare financial results between reporting periods and to enhance its understanding of operating performance. This non-GAAP measure is also provided to readers as additional information on ENMAX’s operating performance. Net earnings excluding unusual items is defined as Net earnings adjusted for prior period rate increases, gains from foreign exchange exposures and financial instruments and adjustments to income tax provisions.
Notable business developments in the quarter include:
- Innovative heating system launched to replace aging boilers at City Hall. The Downtown District Energy Centre will ultimately heat up to 10 million sq. ft. of downtown office and residential buildings.
- Electric vehicle pilot project unveiled to Calgarians, announcing ENMAX’s plans to prepare the city for future transitioning to electric powered personal and commercial transportation.
- The Climate Change and Emissions Management Corporation (CCEMC) announced plans to partially fund ENMAX’s program to install solar panels and wind turbines in the homes of its customers across Alberta.
- Second instalment of $15 million on its $62 million 2010 dividend paid to The City of Calgary
- Regulated rate option customers purchased 557 GWh in the second three months of 2010 compared to 538 GWh in the same period of the previous year.
- Electricity customers on the energy plans provided by ENMAX Energy purchased 4,175 GWh in the second three months of 2010 compared to 3,916 GWh in the same period of the prior year.
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for over 100 years. ENMAX Corporation provides electricity, natural gas and value-added services to over 650,000 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 the first Canadian electricity retailer to offer customers the option to support wind generated energy. Also, ENMAX Corporation, through its subsidiary ENMAX Envision Inc., provides fibre optic networks for high speed data and internet communications.