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Shareholder Relationship

​​​​​​ENMAX’s Shareholder, The City of Calgary

ENMAX is a private corporation incorporated under the Alberta Business Corporations Act whose sole shareholder is The City of Calgary. Calgary’s City Council acts in the capacity of the Shareholder on behalf of Calgarians.

Quick Facts

>> ENMAX has significantly grown The City’s initial $280 million investment in ENMAX to a shareholder’s equity of approximately $3.1 billion as of December 31, 2022.

>> Overall, ENMAX has delivered approximately $1.3 billion in dividends to The City of Calgary since inception in 1998.

>> Each year, ENMAX strives to pay a growing dividend by operating our business efficiently and prudently, with an unwavering focus on providing value and meeting the needs of our customers.

>> In 2023, the ENMAX Board declared an increased dividend of $82 million to be paid to The City of Calgary.

>> Many factors go in to determining a company’s dividend practices, including the organization’s size, business model, asset base and operations. ENMAX’s annual dividend is calculated based on our net earnings.

ENMAX Board of Directors

ENMAX is governed by its Board of Directors, comprised of industry, business and community leaders elected annually by our Shareholder. Our Board is accountable to our Shareholder to ensure we operate in a prudent and transparent manner that reflects ENMAX’s commitment to accountability and corporate responsibility.

ENMAX’s Board selection and appointment process is guided by a skills matrix to ensure we have the director expertise and experience required to govern ENMAX effectively.

Shareholder engagement

Ongoing communication and engagement with The City of Calgary as the Shareholder is an integral part of ENMAX's philosophy of good governance. We regularly communicate with our Shareholder on a variety of business matters and our Board and executive team meet with Calgary's City Council quarterly, including convening an annual public Shareholder Meeting and annual meeting to review our business plans. The Chair of our Audit and Finance Committee also meets with The City's Audit Committee annually.

Creating Shareholder value

ENMAX does not receive funding from The City of Calgary—we generate our own revenue and profits, and maintain a separate financial standing and credit rating. The following table sets out the dividends ENMAX has declared and paid to The City of Calgary since 2009.

YearDividend Generated ($Millions)


Customers are free to purchase natural gas services or electricity services from a retailer of their choice. For a list of retailers, visit ucahelps.alberta.ca or call 310-4822 (toll free in Alberta).