CALGARY, Nov. 14 /CNW/ - "ENMAX Corporation's third quarter revenue is up
30 per cent over the same period last year, to a record of $550 million. Net
earnings for the quarter are also up by almost 14 per cent," said Gary Holden,
President and CEO of ENMAX Corporation. "ENMAX Energy customers have benefited
from competitively priced electricity and gas and we have continued to deliver
value to our shareholder. This is the sixth straight quarter in which revenues
and operating margins have improved over the previous year."
These results were achieved while dealing with stringent new provincial
environmental policies and escalating salaries and other operating costs. "The
environmental levies were not expected until 2010 so we have been actively
pursuing ways to mitigate these costs to lessen the burden on consumers,"
"ENMAX Power has maintained its excellent reliability record while
continuing to invest in Calgary's rapidly growing infrastructure needs -
almost another $80 million so far this year - while operating under 2006
rates," concluded Holden. Rate increases for 2007 are yet to be established as
the process with the EUB has not yet been completed.
For the first nine months of 2007, revenues of ENMAX Corporation rose by
35 per cent compared to the same period of 2006. Stated net earnings for this
period rose by seven per cent, but this figure is impacted by one-time tax
adjustments in 2006, without which the underlying increase in net earnings
would have been 24 per cent.
ENMAX Corporation paid $12.5 million in the third quarter of 2007 toward
the $50 million total dividend the Company declared to its shareholder earlier
in the year.
ENMAX Corporation and its predecessors have provided Albertans with safe,
reliable electricity for more than 100 years. Through its subsidiaries, ENMAX
provides electricity, natural gas, renewable energy and value-added services
to more than 500,000 residential, commercial and institutional customers in
Alberta. ENMAX Energy Corporation contracts low-cost reliable electricity from
the Keephills and Battle River facilities and meets peak demand through a long
term agreement for the Calgary Energy Centre. ENMAX, through a subsidiary, is
one of Alberta's largest investors in renewable energy with 100 per cent
ownership of the Taber Wind Farm and 50 per cent ownership of the McBride Lake
Wind Farm. ENMAX Energy has the largest green power marketing program of its
kind in Canada. For more information, 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: Peter Hunt, Vice President, Public Affairs,
ENMAX Corporation, (403) 689-6150