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ENMAX reports financial results for third quarter

/ Calgary

​ENMAX Corporation (ENMAX) today announced its financial results for the three months ending on September 30, 2014. Net earnings from continuing operations for the third quarter were $37.3 million, up from $20.7 million in the third quarter of 2013, due to greater availability of electricity from power purchase arrangements compared to last year and strong earnings on the regulated transmission and distribution business.

"ENMAX continues to focus on serving our customers across Alberta," said Gianna Manes, ENMAX President and CEO. "I am proud of the dedication and perseverance of our ENMAX team as we faced unique weather and system events this quarter, and each time effectively restored power to Calgarians as quickly and safely as possible."

Highlights:

  • Shepard Energy Centre construction remains on time and budget with a scheduled operational date of early 2015. 
  • Expansion of our generation portfolio with purchase of the 115 megawatt (MW) Cavalier plant in Strathmore and a 50 per cent interest in the 110 MW Balzac plant.
  • Continued to meet the milestones on the East Calgary Transmission Project that are critical to the integration of the Shepard Energy Centre into the provincial grid.
  • To meet the needs of a growing Calgary, ENMAX Power is on track to invest approximately $200 million in its transmission and distribution system in 2014.
  • Supported our communities including Habitat for Humanity in Edmonton and the Calgary United Way, where our 2014 record-breaking campaign raised $600,000.

​Selected Consolidated Financial Information

(millions of dollars, except where otherwise noted) 

​Three months ended September 30

Nine months
ended September 30

 

2014

2013

2014

2013

Net earnings from continuing operations

37.3

20.7

136.8

84.0

Net earnings

37.3

20.7

136.8

264.2

Return on assets (1)

 

 

8.7%

11.8%

Return on equity (2)

 

 

9.1%

14.6%

Total shareholder's equity

 

 

2,547.5

2,378.5

Total assets

 

 

4,751.4

4,617.5


(1) Return on assets is equal to net earnings before after-tax interest charges for the last 12-month rolling period divided by average total assets (adjusted for capital assets under construction and current liabilities) for the last 12-month rolling period. 2013 ROA includes the $175.9 million gain on sale of Envision recorded in Q2 2013.

(2) Return on equity is equal to net earnings for the last 12-month rolling period divided by average Shareholder's equity for the last 12-month rolling period. 2013 ROE includes the $175.9 million gain on sale of Envision recorded in Q2 2013.

ENMAX Corporation, through its subsidiaries, makes, moves and sells electricity to residential, small business and large commercial customers and is headquartered in Calgary, Alberta, with offices in Edmonton. ENMAX Power Corporation owns and operates transmission and distribution infrastructure in Calgary and ENMAX Energy Corporation owns diverse electricity generation facilities throughout the province. Since 2007, ENMAX has been named one of Alberta's Top Employers. ENMAX Energy is currently the retailer of choice for both The City of Calgary and The City of Edmonton.

Caution: This news release is intended to be read in conjunction with the 2014 Third Quarter 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.

MEDIA CONTACT

For more information, please contact:

Doris Kaufmann Woodcock
Senior Media Relations Advisor
ENMAX Corporation
403-689-6150 (media line)
mediaroom@enmax.com
@ENMAX

 

Read the Q3 Financial Report

All customers are free to purchase natural gas services from the default supply provider or from a retailer of their choice and to purchase electricity services from the regulated rate provider or from a retailer of their choice. The delivery of natural gas and electricity to you is not affected by your choice. If you change who you purchase natural gas services or electricity services from, you will continue receiving natural gas and electricity from the distribution company in your service area. For a current list of retailers you may choose from, visit www.ucahelps.alberta.ca or call 310-4822 (toll free in Alberta).

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