CALGARY, ALBERTA--(Marketwired - May 5, 2014) -
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AltaLink's ongoing investment in regional reinforcement projects is helping to update Alberta's aging electricity network and enabling future growth in our economy.
"While we continue to make strides in reinforcing the province-wide network backbone with major developments like the Heartland and the Western Alberta Transmission Line projects, we are also working on regional reinforcement projects to ensure the aging network has the capacity to deliver dependable power to meet the needs of all Albertans across our growing province," said Scott Thon, AltaLink president and CEO.
In March, AltaLink participated in an Alberta Utilities Commission (AUC) hearing for the Red Deer Area Transmission Development, which, if approved, will upgrade a sixty-year old regional system serving the City of Red Deer and Central Alberta communities. Also in March, AltaLink hosted the second round of open houses to provide information to area residents about the South and West of Edmonton Area Transmission Development. This project will provide dependable power to the growing communities in Leduc, Parkland and Strathcona Counties. AltaLink's Medicine Hat 138 kV Transmission Project and the Ipiatik Lake Substation and Transmission Line Project in north east Alberta, both recently approved by the AUC, are further examples of our many regional upgrade projects spanning the province.
AltaLink announces first quarter financial results
Today, AltaLink, L.P. announced net income of $46.2 million for the quarter, compared with $27.2 million for the same period in 2013. Revenue for the quarter was $157.4 million compared to $109.2 million in 2013. 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 partnership is actively working with stakeholders to build new transmission projects in response to the province's growth. We ensure the transmission system will reliably meet Albertans' energy needs today and in the future, by providing access to clean, renewable electric energy and the lowest-priced supply available in the province.
Significant Q1 highlights
- On March 25, we energized the Bowmanton to Whitla project, which includes 110km of 240kV double circuit line on steel lattice towers and a new substation.
- The Alberta Utilities Commission (AUC) hearing into the Red Deer Area Transmission Development began on March 11 and completed March 18, three days prior to the scheduled conclusion date.
- Energized Blackspring Ridge I Wind Farm, connecting it 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", "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.