ENMAX Corporation today announced its financial results for the three months ended September 30, 2013. Earnings for the third quarter were $20.7 million, compared to earnings of $45.4 million in the third quarter of 2012. The decrease was a result of the negative impact of the extended outage at TransAlta's Keephills Unit 1 coal plant (that, when operating provides power to ENMAX under a power purchase arrangement), partially offset by the improved margins in other parts of the business. The year-to-date earnings were $264.2 million, up from $161.1 million for the same period last year, with the impact of the Keephills outage more than offset by the $175.9 million gain from the sale of ENMAX Envision Inc. in Q2.
"Despite the impact of the loss of the Keephills unit, which returned to service in early October, our third quarter results reflected strong operational performance by ENMAX, particularly in the areas of safety, availability of the ENMAX-owned generation facilities, and in customer satisfaction," said Gianna Manes, ENMAX President and CEO. "We received the second and final payment from Capital Power to purchase 50 per cent ownership interest in Shepard Energy Centre, which allowed us to further reduce our long-term debt. As well, we're pleased to report that the construction of Shepard Energy Centre, scheduled to start operation in early 2015, continues to proceed safely, on time and on budget."
(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 energy 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.
Caution: This news release is intended to be read in conjunction with the
Third 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.
Nov 8, 2013 | PDF | 44 Pages
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