July 27, 2012
AltaLink Continues Investment in Alberta's Transmission Grid during the Second Quarter of 2012
CALGARY, ALBERTA--(Marketwire - July 27, 2012)
AltaLink has invested more than $420 million into Alberta's transmission system this year, including more than $220 million during the second quarter of 2012, to improve electric system reliability and provide access to low-cost and renewable energy sources.
"An upgraded transmission system is critical to enabling Alberta's electricity generation market," says Scott Thon, President and Chief Executive Officer. "Earlier in July we saw Albertans set a new record in summer demand for electricity. As that demand for electricity continues to grow, new transmission and a variety of generation sources will be the foundation of our province's continued economic development."
Today, AltaLink, L.P. announced comprehensive income of $25.9 million for the three months ended June 30, 2012, compared with $17.1 million for the three months ended June 30, 2011. Revenue for the second quarter was $96.7 million, compared with $84.7 million in 2011. The growth is primarily due to the increase in our investments to expand and reinforce the reliability of the transmission system.
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.
Western Alberta Transmission Line hearing began
On June 11, the Alberta Utilities Commission (AUC) hearing for the Western Alberta Transmission Line began in Red Deer, AB to review AltaLink's Facility Application on the route for a 500 kV direct current line to connect the Genesee substation west of Edmonton to the Langdon substation east of Calgary. This transmission line will improve overall system reliability, reduce energy lost due to an overloaded system and help ensure Albertans have access to the lowest-priced electricity available. The oral portion of the hearing concluded on July 18.
$300 million in Medium-Term Notes issued
On June 29, 2012, AltaLink issued $300 million in Medium-Term Notes maturing June 30, 2042. Issued at an interest rate of 3.99%, the proceeds were used to refinance commercial paper previously issued to finance AltaLink's investments in transmission projects throughout Alberta.
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