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August 01, 2015 3:09 PM ET

Electric Utilities

Company Overview of ENMAX Corp.

Company Overview

ENMAX Corporation, a utility company, generates, transmits, distributes, and sells electricity, natural gas, and renewable energy products to residential, commercial, and industrial customers in Canada. The company operates in two segments, ENMAX Energy and ENMAX Power. The ENMAX energy segment generates and sells electricity. This segment also provides natural gas, renewable energy, energy management, and district heating products, as well as engages in energy supply and retail operations. The ENMAX Power segment owns, operates, and maintains electricity distribution and transmission networks in and around Calgary, as well as offers engineering, procurement, construction, and maintenance se...

141 50 Avenue S.E.

Calgary, AB T2G 4S7

Canada

Founded in 1904

1,900 Employees

Key Executives for ENMAX Corp.

Chief Executive Officer and President
Chief Financial Officer, Chief Risk Officer and Executive Vice President of Finance & Planning
Age: 53
Chief Technology Officer, Chief Information Officer and Executive Vice President
Executive Vice President of Generation
Executive Vice President of Residential Markets
Compensation as of Fiscal Year 2015.

ENMAX Corp. Key Developments

ENMAX Corp. Announces Consolidated Financial Results for the First Quarter Ended March 31, 2015

ENMAX Corp. announced consolidated financial results for the first quarter ended March 31, 2015. For the quarter, the company reported earnings from the first quarter were CAD 70.4 million, up from CAD 37.8 million in first quarter 2014. This increase was primarily a result of higher electricity margins from strong plant availability, foreign exchange gains associated with long-term procurement contracts and natural gas purchases, and lower interest expense. Funds from operations in the first quarter of 2015 were CAD 114.2 million, compared to CAD 108.1 million in first quarter of 2014. Return on equity was 9.6% compared to 7.2% a year ago. Total revenue was CAD 806.4 million, compared to CAD 1 billion for the same quarter ended March 31, 2014. Operating profit was CAD 70.4 million, compared to CAD 38.9 million for the same quarter ended March 31, 2014. Net earnings before tax were CAD 60.3 million, compared to CAD 10.5 million for the same quarter ended March 31, 2014.

ENMAX Corporation Announces Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014

ENMAX Corporation announced consolidated financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported funds from operations of $89.5 million against $145.2 million a year ago. Net earnings from continuing operations were $18.2 million against $88.3 million a year ago. Net earnings were $54.2 million against $88.3 million a year ago. For the year, the company reported funds from operations of $386.0 million against $359.7 million a year ago. Net earnings from continuing operations were $155.0 million against $173.4 million a year ago. Net earnings were $155.0 million against $352.5 million a year ago. Return on assets was 7.1% against 7.0% a year ago. Return on equity was 7.4% against 7.9% a year ago. 2014 net earnings were impacted by a non-cash asset impairment of $29.8 million. In addition to significantly expanding generation fleet, the company invested $207 million in the expansion and maintenance of Calgary transmission and distribution systems.

Capital Power and ENMAX Receives Regulatory Approvals to Proceed with Genesee 4 & 5 Construction

Capital Power Corporation and ENMAX Corporation announced that the project has received all major regulatory approvals required from the Alberta Utilities Commission and Alberta Environment and Sustainable Resource Development and disclosed the turbine supplier. The joint venture partners have executed agreements with Mitsubishi Hitachi Power Systems for the supply and maintenance of the advanced J-Class natural gas turbine technology in commercial operation. The facility will have a nominal generation capacity of 1,060 megawatts consisting of two 530 megawatt units. The facility consists of two one-on-one, single shaft power islands, each incorporating a 501 J-class natural gas turbine, steam turbine, generator and heat recovery steam generator. This technology has a lower heat rate than previous technology resulting in higher efficiency and about a 4% reduction in CO2 and NOx emissions compared to the previous generation's technology. The J-Class technology also provides superior flexibility to respond to sudden fluctuations in supply and demand which makes it well suited for the Alberta power market.

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