ENMAX Corporation (“ENMAX”) today announced first quarter net earnings of $48 million compared to $51 million in 2009 before a recovery of $14 million related to prior year’s costs of the regulated distribution business.
“We are very pleased that our financial results remain quite strong in a pretty difficult gas and electricity price market,” said Gary Holden, President and CEO of ENMAX Corporation. “Removing the $14 million impact of the retroactive cost recovery granted by the regulator to ENMAX Power in Q1, 2009 for costs incurred in 2007 and 2008, our Q1 earnings remain very close to last year’s earnings thanks to our focus on customer service and retention and the tight management of our costs. In spite of recent pool price increases resulting from generator unit downtime, we continue to expect electricity price challenges for the remainder of 2010.”
Notable business developments in the quarter include:
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for more than 100 years. ENMAX Corporation provides electricity, natural gas and value-added services to more than 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 first Canadian electricity retailer to offer customers the option to support wind generated energy. As well, ENMAX Corporation, through its subsidiary ENMAX Envision Inc., provides fibre optic networks for high speed data and internet communications.
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May 21, 2010 | PDF | 44 Pages
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