CALGARY, ALBERTA--(Marketwired - April 26, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES
AltaLink continued to connect Albertans to reliable and cost-effective electricity through its expanding transmission system during the first quarter.
"Along with constructing much needed new transmission facilities, providing Albertans with reliable electricity also means maintaining and upgrading our existing infrastructure," said Dennis Frehlich, Interim President and Chief Executive Officer.
"We operate approximately 12,000 kilometres of transmission lines and 280 substations across more than 212,000 square kilometres. We continue to invest in upgrades to our existing infrastructure to ensure we are operating safely, reliably and economically for all our customers," said Frehlich.
Several key projects are in construction across Alberta in order to meet the growing needs of the province, including wind generation, industrial growth and population growth in Alberta.
"We are in construction on at least four major projects across Alberta. These projects will ensure the electric system is operating reliably today and tomorrow to meet the continued growing demand for electricity and deliver value to Albertans," added Frehlich.
AltaLink announces first quarter financial results
Today, AltaLink, L.P. announced net income of $27.2-million for the quarter ended March 31, 2013, compared with $22.9-million for the same period in 2012. Revenue for the quarter was $109.2-million compared to $92.5-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.
AltaLink's full financial results and management's discussion and analysis can be found on AltaLink's website at www.altalink.ca or on SEDAR at www.sedar.com.
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 Q1 events
Western Alberta Transmission Line construction underway
Construction of the Western Alberta Transmission Line began in January. AltaLink expects construction will take about two years to complete and the line will be in service in the spring of 2015. The 350-kilometre direct current transmission line will connect the Genesee and Langdon regions and will improve reliability, reduce wasted energy and ensure Albertans have access to the lowest-priced supply.
Important customer connections move ahead
The AUC approved the Blackspring Ridge I Wind Farm Connection during the first quarter. This development in the Carmangay area will connect Greengate's Blackspring Ridge I Wind Project to the electric system. It will connect Albertans to new green energy to power their homes, farms and businesses.
In January, a Facility Application was filed for the Harmattan Energy Centre Connection project, which will connect Grande Prairie Generation Inc.'s proposed Harmattan Energy Centre to Alberta's electric system.
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", "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.