CALGARY, May 20, 2011 /CNW/ - ENMAX Corporation today announced its
financial results for the three months ended March 31, 2011. Earnings
for the quarter ended March 31, 2011 of nearly $50 million, were
approximately $3 million higher than the same period last year.
Key first quarter 2011 operating highlights include:
Signing of a 25-year contract with Bow Valley College to provide thermal
energy to the new south campus from ENMAX's District Energy Centre.
Awarding of a major contract for the completion of the Shepard Energy Centre to a joint venture between Kiewit Energy Canada Corp. and Black &
Veatch Canada Company (KBV) for the completion of final design and
construction of the plant; and
Finalization of the contract with the Climate Change and Emissions
Management (CCEMC) Corporation for the partial funding of the
developmental program to install solar panels and wind turbines in
homes across Alberta.
"We are pleased with the solid results we delivered in the first
quarter," said Charles Ruigrok, Interim President and CEO. "We continue
to advance on our strategic vision of growing our competitive position
and enhancing customer offerings while maintaining the reliable
services that our customers have come to expect."
Selected Consolidated Financial Information
Three months ended March 31,
(millions of dollars, except where otherwise noted)
Total shareholder's equity
Return on assets (1)
Return on equity (2)
(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. ENMAX Corporation
provides electricity, natural gas and value-added services to
approximately 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 First 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.
SOURCE ENMAX Corporation
For further information:
Media only contact:
Doris B. Kaufmann, Senior Media Relations Advisor
403.689.6150 (media line) / email@example.com / www.enmax.com