Business
FortisAlberta announces 2007 second quarter earnings
FortisAlberta announces 2007 second quarter earnings.
About this update from Fortis Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, July 24 /CNW/ - (TSX:FTS) FortisAlberta Inc. today reported net\nearnings of $15.5 million for the second quarter of 2007 compared to net\nearnings of $11.3 million for the same quarter in 2006. The $4.2 million\nincrease in earnings was primarily related to growth in energy deliveries,\ndriven by the strong Alberta economy, partially offset by higher operating\ncosts due to inflationary pressures and higher interest expense.\n\n\n"FortisAlberta has completed extensive capital work in response to robust\neconomic growth while improving operating performance, despite inflationary\ncost pressures," says Karl Smith, President and CEO, FortisAlberta.\n\n\n"The Company has completed $122 million in capital work year-to-date,"\nexplains Smith. "In 2007, FortisAlberta plans to invest $271 million in\ncapital work to meet customer growth and to enhance capacity and improve\nreliability of the electricity system."\n\n\nRevenue was $68.7 million, $10.1 million higher than for the second\nquarter in 2006. The increase was due to higher distribution revenue\nassociated with customer growth and increased other revenue associated with\nhigher transmission sales volumes.\n\n\nFortisAlberta remains focused on maintaining the highest standards of\nemployee and public safety. The Company launched a spring public safety\ncampaign, increasing awareness about electrical hazards and delivered safety\nmessages to 3,600 grade five students across its service territory.\n\n\nFor a full copy of FortisAlberta's financial statements, management\ndiscussion and analysis and annual information form, please visit\nwww.fortisalberta.com and click on the Investor Centre.\n\n\nFortisAlberta is an electric distribution company with approximately\n437,500 customers and approximately 105,000 kilometres of power lines. It is a\nwholly owned indirect subsidiary of Fortis Inc., the largest investor-owned\ndistribution utility in Canada, serving almost 2,000,000 gas and electric\ncustomers with assets approaching $10 billion of assets. Its regulated\nholdings include a natural gas utility in British Columbia and electric\nutilities in five Canadian provinces and three Caribbean countries. Fortis\nInc. owns non-regulated hydroelectric generation assets across Canada and in\nBelize and upper New York State. It also owns hote...