Business
FortisAlberta announces 2007 third quarter earnings
FortisAlberta announces 2007 third quarter earnings.
About this update from Fortis Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 25 /CNW/ - (TSX:FTS) - FortisAlberta Inc. today released\nits 2007 third quarter results.\n\n\nIncreased customer demand, spurred by the strong growth in Alberta's\neconomy, and increased income tax recovery led to net earnings in the third\nquarter of $14.6 million compared to net earnings of $12.3 million for the\nsame quarter in 2006. Earnings were partially offset by higher operating costs\ndue to economic pressures and higher interest expense.\n\n\nRevenue was $69.7 million, $5.1 million higher than for the third quarter\nin 2006. The increase was primarily due to higher distribution revenues\nassociated with customer growth.\n\n\n"Meeting the needs of our customers and providing safe and reliable\nelectricity in a cost-effective manner continue to be the top priorities for\nthe company," says Karl Smith, President and CEO, FortisAlberta.\n\n\nThe company has invested approximately $157.9 million in capital projects\nyear-to-date. "A significant portion of this capital investment is driven by\ncustomer demand for new connections. Capital investments reflect the rapid\ngrowth in Alberta's economy and the need to meet customer requirements for a\nreliable supply of electricity," adds Smith.\n\n\nAmong the projects completed during the third quarter, the company\nconstructed a new $1.5 million distribution line out of the recently built\nBlackmud substation to support customer demand in the Leduc/Nisku area.\n"Projects such as building new distribution lines at Christina Lake and\nongoing reinforcement work in the Bassano area have enhanced reliability by\noffloading existing lines and expanding distribution load to support oil and\ngas customers in these service areas," says Smith.\n\n\nFortisAlberta is committed to the safety of its employees and the public.\nDuring the quarter, FortisAlberta, through a partnership with other Alberta\nutilities and the Government of Alberta, launched an electrical safety\ncampaign targeted at workers across Alberta in an effort to educate them about\nthe hazards of working near high-voltage lines.\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 com...