CALGARY, Aug. 15 /CNW/ - ENMAX today confirmed the continued success of
their business strategy with a solid financial performance for the first half
"ENMAX has performed according to plan for the quarter and first half of
the year" remarked Gary Holden, President and CEO of ENMAX Corporation. "We
took action to manage the inherent price volatility in the electricity market
and the results played out as anticipated." Holden continued, "Like all
companies in Alberta we have significant pressure on staffing costs related to
the booming Alberta economy. We have been able to manage these cost pressures
and still deliver improved results to our shareholder. Current year rate
approvals, for transmission and distribution tariffs, are expected in early
2008 to make up for the escalating costs we are experiencing today."
"We've also had record numbers of customers signing up for EasyMax(TM),
so it's clear that people are understanding the benefits of signing long-term
contracts at fixed prices" said Holden.
Consolidated net earnings for the first six months totaled $64.7 million
compared to $62.3 million for the same period in 2006, with the second quarter
contributing $32.1 million of this total. Net earnings for the second quarter
were lower than the same three month period last year. Higher staffing
expenses and increased electricity costs on new sales volumes outweighed gains
in electricity and natural gas sales.
Both electricity and natural gas sales made substantial gains over the
same period in 2006. ENMAX Energy electricity customers purchased 3,528 GWh
(gigawatt hours) in the second quarter of 2007 compared to 2,870 GWh over the
same period last year. Sales volumes of natural gas in the same period grew to
4,778 TJ (terajoules) up from 2,396 TJ for the second quarter of 2006.
ENMAX paid $12.5 million in the second quarter of 2007 toward the
$50 million total dividend the Company declared to its shareholder earlier in
ENMAX Corporation and its predecessors have provided Albertans with safe
and reliable electricity for 100 years. ENMAX provides electricity, natural
gas, renewable energy and value-added services to more than 500,000
residential, commercial and industrial customer accounts in Alberta through
its subsidiary companies. ENMAX Energy contracts low-cost reliable electricity
from the Keephills and Battle River coal-fired plants and meets peak demand
through a long term agreement with the natural gas fired Calgary Energy
Centre. Through a subsidiary, it is one of Alberta's largest investors in
renewable energy with 50 per cent ownership of the McBride Lake Wind Farm and
100 per cent ownership of the Taber Wind Farm. ENMAX Energy has the largest
green power marketing program of its kind in Canada and in 2006, received the
Consumer Champion Award for its ground-breaking EasyMax(TM) program. 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: Twyla Laakso, Manager, Corporate
Communications, ENMAX Corporation, (403) 689-6150