October 25, 2013
AltaLink's continuing investment promotes greater reliability for Albertans
CALGARY, ALBERTA (Marketwire - October 25, 2013)
AltaLink's continuing investment in new and existing transmission infrastructure is enhancing the reliability of the electric system and supporting Alberta's growing economy.
"As of the end of September, we have invested about $1.3 billion in new projects and upgrades to existing assets this year," said Dennis Frehlich, AltaLink's interim president and CEO. "Our investment in the existing system ensures we maintain reliable service for all Albertans. Projects connecting new generation and load customers are providing access to competitive and diverse energy sources, like wind, and bolstering Alberta's economy."
A major link connecting wind generation in the southwest of the province to the Calgary region recently received approval from the Alberta Utilities Commission (AUC). Construction on this transmission development will begin in early 2014.
AltaLink announces third quarter financial results
Today, AltaLink, L.P. announced net income of $38.4-million for the quarter, compared with $27.3-million for the same period in 2012. Revenue for the quarter was $125.5-million compared to $97.6-million in 2012. 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 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 supply available in the province.
Significant Q3 events
- AltaLink issued $475 million in medium-term notes to repay outstanding short-term debt and fund the growth and expansion of the transmission network in Alberta.
- In September, the Alberta Utilities Commission (AUC) completed its two-day hearing into the Medicine Hat 138 kV Transmission Project. This project will provide Albertans with access to new wind energy, and meet the growing customer demand in southeast Alberta. The AUC approved AltaLink's Facility Application for this project on October 18.
- AltaLink energized two projects within the Hanna Region Transmission Development - Hansman Lake and Nilrem (Hardisty). These projects will support the growing wind energy development in the area while responding to the increasing demand for electricity from pipeline operators.
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.
For more information please contact:
AltaLink Management Ltd. - Investor Relations
Vice President, Treasurer
AltaLink Management Ltd. - Media Relations
Director, External Engagement