ENMAX Corporation (ENMAX or the Corporation) today announced its
financial results for the year ended December 31, 2010. Excluding unusual items that occurred in 2009, comparable earnings for the year ended December 31, 2010 were $4 million higher than last year. Earnings before interest and income taxes (EBIT) were $16 million ahead of comparable 2009 levels. Revenues for the year ended December 31, 2010, were also up by $49 million as compared to the same period last year.
“We are very pleased with the strong operating performance in the fourth quarter of 2010 and the year overall,” said Charles Ruigrok, interim President and CEO. “This financial performance is reflective of our strategy of continuing to build and integrate our high quality generation assets with our retail growth strategies. Continued growth in Calgary and significant operational improvements have also increased the returns from our regulated assets. These financial results and business growth were done while maintaining solid investment grade credit ratings from the credit rating agencies.”
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
2010 Financial 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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March 11, 2011 | PDF | 96 Pages
View all consolidated financial reports
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