CALGARY, ALBERTA--(Marketwired - Feb. 27, 2014) -
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AltaLink's solid investment of over $1.7 billion in 2013 will significantly reinforce and expand Alberta's transmission network to ensure reliable and cost-effective electricity is available to all Albertans for many years to come.
"In 2013, we energized some key projects, including Heartland, Cassils to Bowmanton and Hanna. These important links in our provincial network, along with many customer projects completed this year, are critical to meet the increasing demand for electricity, enable renewable generation onto the grid and ensure we can support Alberta's growing economy," said Dennis Frehlich, AltaLink's interim president and chief executive officer.
"And I am particularly proud that we are doing this work in a sustainable way and being recognized for it by our industry," added Frehlich. AltaLink was recently designated as a Sustainable Electricity Company™ by the Canadian Electricity Association. AltaLink is the first transmission utility in Canada to receive this designation."
AltaLink announces 2013 year-end financial results
Today, AltaLink, L.P. announced comprehensive income for 2013 was $164.4 million compared to $107.0 million for 2012. Comprehensive income was $65.8 million for the quarter ended December 31, 2013 compared with $31.3 million for the same period in 2012. Revenue for 2013 was $534.1 million compared to $406.6 million in 2012. Revenue for the quarter was $181.9 million compared to $119.8 million in 2012. The growth is primarily due to the large increase in our investments to expand and reinforce the Alberta 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 2013 highlights
- We invested more than $1.7 billion (compared to just under $1.0 billion in 2012) in capital projects to significantly reinforce and expand the transmission system and to continue providing reliable service to Albertans.
- Following the unprecedented flooding in southern Alberta in late June, AltaLink contributed $100,000 to the Calgary Foundation's Flood Rebuilding Fund to support long-term rebuilding and recovery efforts. The company also matched contributions by AltaLink employees to the Canadian Red Cross flood relief fund for a further donation of $39,310.
- We became the first electricity transmission utility in Canada to receive the Canadian Electricity Association's Sustainable Electricity Company™ designation.
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.