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ENMAX reports second quarter results

/ Calgary

ENMAX Corporation today announced its financial results for the three months ended June 30, 2011. Earnings for the second quarter were $50.1 million compared to $58.6 million in the same period last year. The decline in earnings for the quarter was largely due to lower electricity margins and higher operating costs. This brings year-to-date earnings to $99.9 million, down from $105.6 million for the same period last year.

Key second quarter 2011 operating highlights include:

  • Full-notice-to-proceed was issued to ENMAX’s Engineering, Procurement and Construction (EPC) contractor to commence construction of the 800 MW Shepard natural gas generation facility in southeast Calgary.
  • Business magazine Corporate Knights named ENMAX as one of the Best 50 Corporate Citizens in Canada for the third year in a row.
  • A residential solar program was launched providing residential consumers the option to generate their own power from solar installations on their homes.

“Given the year over year decline in electricity margins, we are pleased with our financial results,” said Charles Ruigrok, Interim President and CEO. “We are also very pleased to see the start of field construction on our Shepard project, and to see our residential solar offer rolled out to Alberta consumers. Both are important elements of our commitment to a cleaner energy future for Alberta.”

(millions of dollars, except where otherwise noted)
Three month Ended
JUNE 30,
SIX Month Ended
JUNE 30,
2011 2010 2011 2010
Net earnings 50.158.699.9105.6
Return on assets (1) 7.7%8.6%
Return on equity (2) 9.4%10.9%
Total shareholder's equity1,886.21,764.3
Total assets4,007.63,808.1

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

ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for over 100 years. ENMAX Corporation provides electricity, natural gas and value-added services to over 650,000 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 Second Quarter 2011 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 B. Kaufmann
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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