CALGARY, Aug. 13 /CNW/ - ENMAX Corporation today announced 2008 second
quarter net earnings of $49 million on $647 million total revenue. This
represents a 53% increase in net earnings and a 55% increase in total revenues
from the same quarter of last year.
"ENMAX Energy Corporation has continued to offer highly competitive
prices to Albertans. Our rapidly growing sales and improved performance from
our generation assets have combined to produce excellent results," said Gary
Holden, President & CEO of ENMAX Corporation. "These strong earnings help fund
our significant investments in meeting Calgary's growing transmission and
distribution infrastructure needs and in procuring future energy supplies for
During the quarter ENMAX completed the acquisition of Kettles Hill, a
63 megawatt wind farm in Southern Alberta, with potential for a further
77 megawatts. "This will help us meet rising demand for renewable energy and
our Greenmax program," said Gary Holden. "It is also consistent with our
long-term strategy to supply energy from cleaner resources."
Net earnings for the first half of 2008 were $87 million, compared with
$65 million for the same period last year, an increase of 34%. Total revenues
for the first six months of 2008 were $1,297 million, compared with
$944 million for 2007, an increase of 37%.
ENMAX Energy's electricity customers purchased 3,638 gigawatt hours (GWh)
in the second three months of 2008 compared to 2,925 GWh over the same period
last year: an increase of 24%. Sales volumes of natural gas in the second
quarter rose by 13% to 5,418 terajoules (TJs), up from 4,778 TJs for the
second quarter of 2007.
ENMAX Corporation paid $12.5 million in the second quarter of 2008 toward
the $50 million total dividend that the Company declared to its shareholder
earlier in the year.
As a result of strong performance, ENMAX Corporation's annualized return
on equity rose from 9% for the first half of last year to approximately 11%
ENMAX Corporation, through subsidiaries and predecessors, has provided
Albertans with safe and reliable electricity for more than 100 years. ENMAX
provides electricity, natural gas and value-added services to more than half a
million residential, commercial and industrial customer accounts in Alberta.
Through a subsidiary, ENMAX Energy is one of Alberta's largest investors in
renewable energy with partial ownership of the McBride Lake Wind Farm and
complete ownership of the Taber and Kettles Hill Wind Farms. ENMAX Energy's
Greenmax(TM), one of the first green power marketing programs in Canada,
celebrates its 10th anniversary in 2008. Visit our website at enmax.com.
Electricity products and services are competitive. You are free to choose
a retailer. Regulated wires services are not dependent upon the retailer you
choose. You can find a listing of licensed Alberta retailers at
www.ucahelps.gov.ab.ca or call 310-4822.
For further information:
For further information: Public Affairs, ENMAX Corporation, (403)