May 7, 2015
Strong reliability and safety results highlight AltaLink's first quarter of 2015
CALGARY, ALBERTA (Marketwired - May 7, 2015) Building on a steady improvement trend over the past 12 months, AltaLink recorded strong reliability and safety results during the first quarter of 2015.
AltaLink's reliability results, measured by the frequency and duration of outages, continue to outperform other Canadian utilities. "Though severe weather in our service territory contributed to a slight increase in the frequency of outages, we showed significant improvement in shortening the duration of those outages," said Scott Thon, president and CEO of AltaLink. "We can't control the weather and its impact on our system, but we can certainly work to ensure our customers have their power back as soon as possible following an outage. Our results show we are making that happen."
Employee safety results for the quarter also continued on an improving trend with no employee injuries reported during the first three months of 2015. "Safety is a constant and core value at AltaLink and we are proud of our employees' commitment to safety in all areas of our business," added Thon.
AltaLink announces first quarter financial results
Today, AltaLink, L.P. announced net income of $24.3 million for the quarter, compared with $46.2 million for the same period in 2014. The change is primarily due to the AUC's decision to retroactively require us to reduce our approved revenue requirements for 2013 and 2014 to reflect their lowering of both return on equity and equity ratios for those years. Revenue for the quarter was $153.7 million compared to $157.4 million in 2014.
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 electricity transmission provider. We are committed to meeting the province's demand for electricity, providing innovative solutions, and partnering with our stakeholders and communities in doing so. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering electricity and utility services to customers worldwide.
Significant Q1 highlights
- We invested $336.1 million (three months ended March 31, 2014 ? $301.8 million) in capital projects to expand the capacity of the power grid, reinforce the system's reliability, and interconnect new customers
- We energized Red Deer 80L North, part of the Red Deer Area Transmission Development
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", "intends", "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.
- 30 -
For more information please contact:
Vice President, Treasurer
AltaLink Management Ltd.
Director, External Engagement
AltaLink Management Ltd.