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ENMAX reports financial results for second quarter

/ Calgary

ENMAX Corporation today announced its financial results for the three months ended June 30, 2012. Net earnings from continuing operations for the quarter were $53.1 million, up 5 per cent when compared to earnings of $50.6 million in the second quarter of the prior year. The year over year improvement in net earnings from continuing operations was the result of higher operating margins and lower interest expenses. This brings year-to-date net earnings from continuing operations to $115.7 million, up from $96.5 million for the same period last year.

"Second quarter performance was consistent with expectations," said Gianna Manes, ENMAX President and CEO.

"The regulated transmission and distribution operations are performing well compared to last year, however returns on the assets invested in this business are below targeted levels. In regards to our competitive business, we also had a strong quarter as we continue to add new customers and construction of the Shepard Energy Centre continues on plan."

(millions of dollars, except where otherwise noted)
Three Month Ended
 JUNE 30,  
Six Month
JUNE 30,
2012 2011 2012 2011
Net earnings 53.150.6115.796.5
Return on assets (1) 8.4%7.7%
Return on equity (2) 10.2%9.4%
Total shareholder's equity2,025.71,886.2
Total assets4,363.14,007.6

(1) Return on assets is equal to net earnings before after-tax interest charges for the last 12-month rolling period divided by average total assets (adjusted for capital assets under construction and current liabilities) for the last 12-month rolling period.
(2) Return on equity is equal to net earnings for the last 12-month rolling period divided by average Shareholder's equity for the last 12-month rolling period.

ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for over 100 years. The ENMAX group of companies provides electricity, natural gas and value-added services to over 750,000 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.

Caution: This news release is intended to be read in conjunction with the Q2 - 2012 Financial Report including Management Discussion and Analysis and Financial Statements. 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 Statements and Management Discussion and Analysis.

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Doris Kaufmann Woodcock
Senior Media Relations Advisor
ENMAX Corporation
403-689-6150 (media line)

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