ENMAX Corporation today announced its financial results for the three months ended June 30, 2013. Earnings for the second quarter were $185.2 million, compared to earnings of $53.1 million in the second quarter of 2012. The increase was the result of a gain of $175.9 million from the previously announced sale of ENMAX Envision Inc., offset primarily by the impact of the extended outage at Unit 1 of TransAlta's Keephills coal plant. When operating, this unit provides ENMAX with approximately 340 megawatts of electricity through a power purchase arrangement. The year-to-date earnings were $243.5 million, up from $115.7 million for the same period last year.
"As anticipated, our earnings continue to be negatively impacted by the force majeure declared by the operator in relation to Unit 1 of its Keephills plant," said Gianna Manes, ENMAX President and CEO. "The operator has now extended the outage to October 2013. We continue to minimize the impact of this disruption to our supply through strategic purchasing of power to meet customer needs. We also expect to file a formal dispute of the operator's declaration of force majeure."
"Excluding the financial impact of this event on our 2013 earnings, ENMAX is performing well and continues to focus on providing safe, reliable power to our customers," added Manes. "Faced with the extremely challenging conditions during the Calgary flood at the end of June, our ENMAX team worked tirelessly to restore power to affected customers as quickly and safely as possible. I am extremely proud of ENMAX's response."
(1) Return on assets is equal to net earnings, including gain on sale, 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, including gain on sale, 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 835,000 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.
Caution: This news release is intended to be read in conjunction with the
Second Quarter 2013 Financial Report including Management's 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's Discussion and Analysis.
Aug 09, 2013 | PDF | 46 Pages
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