Calgary, Alta. – ENMAX Corporation (ENMAX) today released its financial results for 2024.

For the year ended December 31, 2024, ENMAX’s adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA¹) and Comparable Net Earnings (CNE¹) were $922 million and $343 million compared to $829 million and $316 million, respectively, in the prior year. The improved earnings are primarily attributable to an increase in transmission and distribution margins in the regulated businesses as a result of an increase in customer sites, energy and demand, as well as an increase in electricity margin in the competitive business retail customer site growth and lower cost to supply.

Key Selected Financial Highlights

Year ended December 31, (millions of Canadian dollars)	2024	2023
Total revenue	3,532	3,811
Adjusted EBITDA (¹)	922	829
Comparable Net Earnings (¹)	343	316
Net earnings (loss)	181	(16)
Capital expenditures	702	657

“ENMAX delivered strong results this year, building on our solid financial base and sharpened strategic focus to enhance our regulated businesses and to create operational efficiencies,” said ENMAX President and CEO Mark Poweska. “Our disciplined approach to capital allocation and risk management enables us to continue providing safe and reliable power to our customers.”

Highlights for 2024 include:

ENMAX invested $702 million of capital expenditures to ensure continued delivery of safe, reliable and affordable electricity. Ninety per cent of total capital expenditures were invested in the regulated businesses, which exceeds ENMAX’s target of 85 per cent.
Major projects in Calgary include the continued work on Substation No. 1, other substation upgrades and higher residential development.
Demand for Calgary residential connections is at an all-time high, with 7,870 lots connected in 2024—more than double the ten-year annual average of 3,745 lots and over 21,740 new meters installed.
During the year, S&P Global affirmed its credit rating of ENMAX Corporation as BBB—and revised the outlook to Positive from Stable.

In conjunction with the release of its 2024 Financial Report, ENMAX declared a dividend to its shareholder, The City of Calgary (The City), of $103 million.

“ENMAX takes pride in delivering regular dividends to The City of Calgary to support its municipal services and infrastructure investments to benefit communities,” said Poweska. ENMAX has significantly grown from The City's initial $280 million investment in ENMAX to a shareholder's equity of over $3.2 billion as of December 31, 2024. Overall, ENMAX has delivered over $1.5 billion in dividends to The City of Calgary since operations began in 1998.

Read ENMAX's full 2024 Financial Report

ENMAX uses Adjusted EBITDA and CNE as financial performance measures. These measures are non-IFRS financial measures and do not have any standard meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. These measures are provided to complement IFRS measures in the analysis of ENMAX's results of operations from management's perspective. A reconciliation of Adjusted EBITDA and CNE to Net earnings under IFRS can be found in ENMAX's Management's Discussion and Analysis for the year ended December 31, 2024.

All amounts are in Canadian dollars.

Caution: This news release is intended to be read in conjunction with the 2024 Financial Report, which includes Management's Discussion and Analysis and Financial Statements. The commentary provided here may not be a suitable source of information for readers who are not familiar with ENMAX's operations and is not a substitute for reading the Financial Report.

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