April 27, 2012
AltaLink Reports First Quarter 2012 Results
CALGARY, ALBERTA--(Marketwire - April 27, 2012 )
Today, AltaLink, L.P. announced comprehensive income of $22.5 million for the three months ended March 31, 2012, compared with $17.4 million for the three months ended March 31, 2011. Revenue for the first quarter was $92.5 million, compared with $76.3 million in 2011. The increases are primarily due to the increase in our investments to expand and reinforce the reliability of the transmission system.
"New regional transmission lines and substations are powering the continued growth of Alberta's economy," says Scott Thon, President and Chief Executive Officer. "During the first three months of 2012, AltaLink invested more than $200 million into Alberta's transmission system, connecting new customers to the grid, enabling new wind energy and keeping pace with the province's economic development."
As a partnership, AltaLink, L.P. reports its net income before income taxes; therefore its results are not directly comparable with net income reported by corporations that recognize income taxes in their financial statements.
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta's largest independent transmission provider. The company is actively working with stakeholders to build new transmission projects in response to the province's growth thus ensuring the transmission system will meet Albertans' energy needs today and in the future. These projects will provide Albertans with access to clean, renewable electric energy and the lowest?priced electricity available in the province.
Critical Transmission Review Committee recommendations accepted by the Government of Alberta
On February 23, the Government of Alberta accepted the recommendations of the Critical Transmission Review Committee, which was tasked to review the process and information used by the Alberta Electric System Operator in considering and developing the North-South transmission reinforcement plan. The Government agreed that two 500 kV High-Voltage Direct Current transmission lines are a necessity for Albertans.
Western Alberta Transmission Line hearing date set
On March 6, the AUC issued a Notice of Hearing for the Western Alberta Transmission Line project. The hearing to review AltaLink's application to build an approximately 350 kilometre HVDC line between the Genesee substation west of Edmonton and the Langdon substation east of Calgary and the associated converter stations will begin in Red Deer, Alberta on June 11, 2012.
Wild Rose 1 and Wild Rose 2 wind energy interconnection project approved
On March 21, the AUC approved AltaLink's application for transmission facilities to connect the Wild Rose 1 and Wild Rose 2 wind energy projects. The transmission facilities, called the East Palliser Transmission Line, will connect as much as 400 MW of new wind generation in southeast Alberta to the transmission system.
This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink's securities in any jurisdiction, including but not limited to, the United States. AltaLink's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward looking information that represents management of AltaLink's Internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of AltaLink. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include, among other things, those described in AltaLink's filings with the Canadian securities authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink disclaims any responsibility to update these forward looking statements.
For more information please contact:
AltaLink Management Ltd. - Investor Relations
Vice President, Treasurer
AltaLink Management Ltd. - Media Relations