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ENMAX reports strong third quarter results

/ Calgary

ENMAX Corporation today announced its financial results for the three months ended September 30, 2011. Earnings for the third quarter were $41.9 million, up over 40 per cent when compared to earnings of $29.7 million in the same period last year. The year over year improvement in earnings was the result of lower amortization and operating, maintenance and administration expense, higher capitalization of interest costs, and lower income taxes. Results in the third quarter of 2010 also included losses from discontinued operations. Year-to-date earnings through September 30, 2011 are $141.8 million, up from $135.3 million for the same period last year.

The third quarter also marked the start of construction of the new Shepard Energy Centre. At a capacity of 800 MW, it will be the largest natural gas fired generation facility in Alberta when it becomes operational in 2015.

“I’m pleased with the strong financial results in the quarter,” said Charles Ruigrok, interim President and CEO. “Notwithstanding our solid business results, the tragic incident in which we lost one of our employees in an accident on August 30th was a tremendous disappointment for me personally, and for our entire organization. Our thoughts remain with his family and friends.”

(millions of dollars, except where otherwise noted)
Three month Ended
 September 30,  
Nine Month Ended
September 30,
2011 2010 2011 2010
Net earnings 41.929.7141.8135.3
Return on assets (1) 7.8%7.7%
Return on equity (2) 10.0%9.4%
Total shareholder's equity1,912.31,788.4
Total assets4,243.53,826.4

(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. The ENMAX group of companies provides electricity, natural gas and value-added services to over 697,000 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 Third 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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