CALGARY, ALBERTA--(Marketwired - July 25, 2013) -
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AltaLink's continuing investment in new transmission facilities is delivering benefits across Alberta even before the facilities are commissioned.
Communities in which AltaLink is engaged in construction activities are seeing positive economic impact from new employment opportunities, hiring of local services and contractors, and increased business for area hotels, motels, restaurants and stores.
"This year we are on pace to invest more than $1.5 billion in transmission construction throughout Alberta. By expanding and reinforcing the transmission network, we ensure all Albertans gain from the long-term economic benefits of a stronger, more reliable electricity network," said Dennis Frehlich, Interim President and Chief Executive Officer. "But there is also significant economic benefit to communities now. Our construction projects provide jobs for local trades people and contracts for suppliers of everything from heavy equipment services to site security. Our crews stay in the community, visit the restaurants and shop in the local stores."
"These are multi-year construction projects delivering a significant economic boost to local communities and throughout Alberta," added Frehlich. "We're very proud to be contributing to Alberta's continuing economic strength."
AltaLink currently has project offices in Medicine Hat, Fort Saskatchewan, Rimbey, Brooks, and Fort Macleod to support construction projects in the surrounding areas.
AltaLink announces second quarter financial results
Today, AltaLink, L.P. announced net income of $33.4 million for the quarter ended June 30, 2013, compared with $25.9 million for the same period in 2012. Revenue for the quarter was $117.5 million compared to $96.7 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 Q2 events
Alberta flood response
Central and Southern Alberta was hit by unprecedented flooding in late June. AltaLink's transmission system withstood the flooding resulting in minimal disruption of transmission service to the 85% of Albertans we serve. A dedicated response by our emergency teams working during the disaster quickly restored power or ensured the lights stayed on for thousands of Albertans in the Bow River Valley, Foothills and Mountain View regions.
Foothills Area Transmission Development
The Alberta Utilities Commission (AUC) hearing into the Foothills Area Transmission Development (FATD) began on Tuesday, May 14 and finished on May 30. The FATD projects will bring new, green wind energy from southern Alberta to homes, farms and businesses Calgary and the surrounding area. This will be the first significant improvement to the transmission system in the Foothills area since 1985.
Key milestones for projects in construction
Major milestones in the construction phase for significant projects were achieved during Q2. The first tower for the Western Alberta Transmission Line was erected. During the same period, the final tower for the Cassils to Bowmanton to Whitla project was erected.
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.