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ENMAX releases first quarter results

/ Calgary

ENMAX Corporation today announced its financial results for the three months ended March 31, 2013. Earnings for the quarter were $58.3 million, lower when compared to earnings of $62.6 million in the first quarter of 2012. The decrease was the result of lower operating margins due primarily to outages at generation facilities from which ENMAX Energy receives the output through Power Purchase Arrangements.

“We continued to strengthen our financial position in the first quarter of 2013, despite challenging market conditions,” said Gianna Manes, President & CEO, ENMAX Corporation. “We closed Capital Power Corporation’s purchase of an initial 25 per cent interest in a joint venture to build and operate the Shepard Energy Centre. Since then, in April, we announced and closed the sale of ENMAX Envision Inc., our high-speed data communications subsidiary.”

"The operator of the Keephills coal plant declared force majeure in relation to Unit 1 of the plant on March 26, 2013 and expects the unit to return to service mid-June. This has negatively impacted our Q1 results, and will impact our Q2 results as the output of the unit is contracted under a power purchase arrangement,” added Manes. ENMAX expects it will file a formal dispute of the operator’s declaration of force majeure.

(millions of dollars, except where otherwise noted)
 THREE Months Ended March 31, 2013THREE Months Ended March 31, 2012
Net earnings58.362.6
Return on capital employed (1)8.3%9.0%
Return on equity (2)8.8%8.4%
Total shareholder's equity2,157.51,966.1
Total assets4,591.84,325.4

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


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

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