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ENMAX reports financial results for first quarter of 2012

/ Calgary

ENMAX Corporation today announced its financial results for the three months ended March 31, 2012. Earnings for the quarter were $62.6 million, up 26% when compared to earnings of $49.8 million in first quarter of the prior year. The year over year improvement in earnings was the result of higher operating margins and lower interest expenses.

"We are pleased to report a solid operational performance and results in the first quarter, while continuing to offer affordable rate options for Albertans," said Gianna Manes, ENMAX President and CEO.

(millions of dollars, except where otherwise noted)
 3-Months Ended March 31, 20123-Months Ended March 31, 2011
Net earnings62.649.8
Return on assets (1)8.4%8.3%
Return on equity (2)10.4%10.2%
Total shareholder's equity1,966.11,838.3
Total assets4,325.43,904.9

(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.

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

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).

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