Business
FortisAlberta announces 2005 results
FortisAlberta announces 2005 results.
About this update from Fortis Inc.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Feb. 2 /CNW/ - FortisAlberta Inc. today announced net earnings\nfor the twelve months ending Dec. 31, 2005, of $31.1 million compared to\n$24.5 million for the same period last year. The higher earnings in 2005 were\nprimarily related to increased revenues, controlled operating expenses and\nlower interest rate costs partially offset by increased depreciation costs and\nincome tax expenses.\n\"Our improved earnings are the result of improved productivity, improved\ncustomer service and completing maintenance and capital work on schedule,\"\nsays Philip Hughes, President and CEO, FortisAlberta Inc. \"In 2005, we\ninvested approximately $131 million, net of customer contributions of\napproximately $31 million, in our distribution infrastructure to support\nstrong customer growth in Alberta and improve the reliability of our\ndistribution system.\"\nNet earnings for the fourth quarter of 2005 were $4.2 million compared to\n$7.2 million for the same quarter in 2004. The lower earnings were due to\nhigher interest costs and the implementation of the negotiated settlement of\nthe Company's 2005 Distribution Tariff Application.\nTotal revenue for the quarter was $58.7 million compared to $58.3 million\nfor the same period in 2004. The increase in revenue was due to an increase in\nenergy deliveries to residential, commercial and oil and gas customers as a\nresult of a strong provincial economy. This was partially offset by warmer\nweather in December. Total energy consumption and the number of customers have\nincreased in 2005 in comparison to 2004.\nIn December 2005, FortisAlberta filed its 2006/2007 distribution tariff\napplication with the Alberta Energy and Utilities Board requesting approval to\nspend $360 million, net of customer contributions, on capital expenditures in\n2006 and 2007 to meet customer growth and improve the reliability of the\ndistribution system. The 2006/2007 application, if approved, will result in no\ndistribution rate increase in 2006 and a three per cent rate increase to\ncustomers on base rates in 2007.\nFor a copy of FortisAlberta Inc.'s financial statements, go to\nwww.fortisalberta.com and click on Investor Centre.\n\nFortisAlberta is an electric distribution company with approximately\n415,000 customers and more than 103,000 kilometres of power lines. It is a\nwholly owned indirect ...