CALGARY, Nov. 13 /CNW/ - ENMAX Corporation today reported that the normalized net earnings for the third quarter of 2009 were $47 million compared to $62 million in the same quarter last year. The third quarter of 2008 was exceptionally strong in the company's history whereas 2009 was more in line with results over the last several quarters. On a year-to-date basis, normalized earnings were $142 million compared to $150 million in 2008.
This earnings level continues to support the dividend stream ENMAX has paid to The City of Calgary over the past several years. ENMAX paid its third quarterly installment toward the 2009 dividend of $55 million to its shareholder, The City of Calgary.
"Our earnings level is reflective of our vertical integration strategy which contributes to a relatively stable earnings profile," explained Gary Holden, President and CEO of ENMAX Corporation. "Notwithstanding a tough economic climate for electricity prices which has hit many participants hard, we're pleased to report normalized earnings that are in line with the last number of quarters."
Calgary's electricity demand was down two per cent in 2009 over the same period in 2008. Average spot wholesale electricity prices were down 38 per cent in the same period.
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe and reliable electricity for more than 100 years. ENMAX Corporation provides electricity, natural gas and value-added services to more than 600,000 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 was the first Canadian electricity retailer to offer customers the option to support wind generated energy. As well, ENMAX Corporation, through its subsidiary ENMAX Envision Inc., provides fibre optic networks for high speed data and internet communications. Visit our website at enmax.com.
SOURCE ENMAX Corporation
For further information: For further information: Media only contact: Doris B. Kaufmann, Senior Media Relations Advisor, ENMAX Corporation, C. (403) 689-6150 (media line)/E. firstname.lastname@example.org