ENMAX reports strong second quarter net earnings

CALGARY, Aug. 13 /CNW/ - ENMAX Corporation ("ENMAX") today announced second quarter net earnings of $60 million compared to $61 million for the same quarter in 2009. This brings year-to-date net earnings to $108 million compared to $126 million for the first half of 2009.

"In addition to stable earnings and strong asset performance, we continued to advance our marketplace activity despite a slower economy," said Gary Holden, President and CEO, ENMAX Corporation. "We launched district energy in downtown Calgary, and are set to bring renewable energy choices to residential customers by preparing our grid for the future of electric cars, smart meters and home automation."

Holden noted that ENMAX's assets - particularly the Crossfield plant - had a strong performance that helped fill the gap created by generation outages across the province during the month of May.

    
    Second Quarter 2010 Highlights:
    -------------------------------------------------------------------------
    (All financial figures            3-Months  3-Months  6-Months  6-Months
     are unaudited and in                ended     ended     ended     ended
     millions of Canadian dollars     June 30,  June 30,  June 30,  June 30,
     unless noted otherwise)              2010      2009      2010      2009
    -------------------------------------------------------------------------
    Revenues                            $587.4    $525.0  $1,196.2  $1,225.2
    Net earnings                         $59.9     $60.9    $108.2    $126.1
    Net earnings excluding unusual
     items(1)                            $59.9     $30.0    $108.2     $73.1
    Capital investment in transmission
     and distribution networks           $27.1     $55.4     $51.9     $82.0
    Electricity volumes (GWh)            4,732     4,454     9,548     9,148
    Natural gas volumes (TJ)             6,827     6,531    19,797    20,617
    -------------------------------------------------------------------------
    (1) ENMAX uses the measure "Net earnings excluding unusual items" in this
        news release. This measure does not have any standardized meaning
        prescribed by Canadian generally accepted accounting principles
        (GAAP). It is, therefore, considered to be a non-GAAP measure and is
        unlikely to be comparable to similar measures presented by other
        entities. Management of ENMAX uses this non-GAAP measure to improve
        its ability to compare financial results between reporting periods
        and to enhance its understanding of operating performance. This non-
        GAAP measure is also provided to readers as additional information on
        ENMAX's operating performance. Net earnings excluding unusual items
        is defined as Net earnings adjusted for prior period rate increases,
        gains from foreign exchange exposures and financial instruments and
        adjustments to income tax provisions.

    Notable business developments in the quarter include:
    -  Innovative heating system launched to replace aging boilers at City
       Hall. The Downtown District Energy Centre will ultimately heat up to
       10 million sq. ft. of downtown office and residential buildings.
    -  Electric vehicle pilot project unveiled to Calgarians, announcing
       ENMAX's plans to prepare the city for future transitioning to electric
       powered personal and commercial transportation.
    -  The Climate Change and Emissions Management Corporation (CCEMC)
       announced plans to partially fund ENMAX's program to install solar
       panels and wind turbines in the homes of its customers across Alberta.
    -  Second instalment of $15 million on its $62 million 2010 dividend paid
       to The City of Calgary
    -  Regulated rate option customers purchased 557 GWh in the second three
       months of 2010 compared to 538 GWh in the same period of the previous
       year.
    -  Electricity customers on the energy plans provided by ENMAX Energy
       purchased 4,175 GWh in the second three months of 2010 compared to
       3,916 GWh in the same period of the prior year.
    

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 over 650,000 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.

For further information: Media only contact: Doris B. Kaufmann, Senior Media Relations Advisor, ENMAX Corporation, 403.689.6150 (media line), [email protected], www.enmax.com