August 17, 2017 12:01 AM ET

Electric Utilities

Company Overview of EPCOR Utilities, Inc.

Company Overview

EPCOR Utilities Inc. builds, owns, and operates electrical transmission and distribution networks, and water and wastewater treatment facilities and infrastructure in Canada and the United States. The company’s Water Services segment treats, distributes, and sells water; treats wastewater; and offers water and wastewater treatment plants construction, operation, and maintenance services. This segment owns 3 and operates 14 other water treatment and distribution facilities; owns 1 and operates 18 other wastewater treatment and collection facilities; 2 water treatment plants; a wastewater treatment plant; a water distribution network with approximately 4,000 kilometers of distribution and tran...

2000, 10423-101 Street North West

Edmonton, AB T5H 0E8

Canada

Founded in 1891

2,771 Employees

Key Executives for EPCOR Utilities, Inc.

Chief Executive Officer and President
Age: 53
Chief Financial Officer and Senior Vice President
President of EPCOR Water (USA)
Senior Vice President of Commercial Services
Senior Vice President of Electricity Operations
Compensation as of Fiscal Year 2017.

EPCOR Utilities, Inc. Key Developments

EPCOR Utilities, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Expects Capital Spending for the Full Year 2017

EPCOR Utilities, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenue of $474 million against $479 million a year ago. Net income for the period was $56 million against $67 million a year ago. Net income was lower primarily due to lower income from core operations, and no dividend income due to the final sale of Capital Power shares. Income from core operations was $52 million against $68 million a year ago. Income from core operations was lower primarily due to lower income from industrial services contracts resulting from the termination of the Suncor financing and operating agreements in 2016, lower Energy Price Setting Plan margins, lower water and wastewater volumes due to higher precipitation in the city of Edmonton, higher water treatment costs and a loss on sale of surplus land, partially offset by higher electricity transmission and water customer rates. Cash flow from operating activities was $50 million against $87 million a year ago, primarily due to lower funds from the change in non-cash operating working capital resulting from an increase in trade and other receivables and a decrease in trade and other payables, partially offset by higher funds from operations due primarily to a decrease in the change in employee benefit provisions. For the six months, the company reported revenue of $929 million against $954 million a year ago. Net income for the period was $94 million against $145 million a year ago. Income from core operations was $90 million against $143 million a year ago. Total capital spending and investment was $252 million against $210 million a year ago. Cash flow from operating activities was $132 million against $223 million a year ago, primarily due to lower funds from operations as a result of reduced net income and lower funds from the change in non-cash operating working capital resulting from a lower decrease in trade and other receivables and a higher decrease in trade and other payables. For the 2017 full year of operations, capital spending, net of contributions, is expected to be approximately $120 million to $200 million.

EPCOR Utilities Inc. Announces Board Appointments

EPCOR Utilities Inc. announced the appointments of Richard H. Cruickshank, Q.C., and Janice G. Rennie, F.C.A., F.ICD. to its Board of Directors. Cruickshank was a founding partner and for 25 years, managing partner of the law firm Cruickshank Karvellas in 2000. He was appointed to Alberta Queen's Counsel in 1996. Cruickshank has served on the Board of Directors of Capital Power Corporation and is former Chair of the University Hospital Foundation in Edmonton. Rennie is an experienced executive and corporate director. She has held executive leadership positions with large organizations over the years, including EPCOR and Princeton Developments Ltd. Rennie currently serves on several corporate boards, among those being WestJet Airlines Ltd., West Fraser Timber Co. Ltd., Methanex Corp., Major Drilling Group International Inc., and Greystone Capital Management.

EPCOR Utilities, Inc. Announces Earnings Results for the Period Ended March 31, 2017

EPCOR Utilities, Inc. announced earnings results for the period ended March 31, 2017. For the period, the company reported Net income of $38 million for the three months ended March 31, 2017 compared with net income of $78 million for the corresponding period in the previous year. Net income was lower for the three months ended March 31, 2017, primarily due to lower income from core operations, as described below, unfavorable fair value adjustments related to financial electricity purchase contracts and no dividend income due to the sale of Capital Power shares. Income from core operations was $38 million compared with $75 million for the corresponding period in the previous year. Income from core operations was lower for the three months ended March 31, 2017, primarily due to lower net system access collections, lower gains as a result of sales of surplus land in the first quarter of 2016, lower income related to industrial service contracts and lower Energy Price Setting Plan margins. Partiallyoffsetting these decreases were higher distribution, transmission and water customer rates. Net cash flows from operating activities was $82 million compared with $136 million for the corresponding period in the previous year. The decrease reflects reduced income from operations and lower funds from the change in non-cash peratingworking capital.

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