AltaLink Prepares for Busy Construction Season Following Third Quarter
CALGARY, ALBERTA--(Marketwire - Oct. 25, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES
AltaLink continued to strengthen its transmission system during the third quarter to ensure Albertans have access to reliable and cost-effective electricity.
"We're preparing for an important fall and winter construction season that will see us continue to reinforce the transmission grid and meet the growing demand," says Scott Thon, AltaLink's President and Chief Executive Officer. "The Alberta Electric System Operator has forecast that Alberta's demand for electricity will increase by approximately 20 per cent during the next five years and we need to have the infrastructure in place to support the growing demand for power."
Several projects will see significant construction activities during the winter months, including the Cassils to Bowmanton to Whitla project which supports new wind generation in southern Alberta and the Yellowhead Area Transmission Reinforcement project which enables economic growth in the Yellowhead region.
"Our goal is to reduce the impact on landowners and the environment as much as possible during construction. Working when the ground is dry and frozen means we don't impact crops and can meet the Environmental Protection Plan we have in place for all projects," Thon adds.
AltaLink announces third quarter financial results
Today, AltaLink, L.P. announced net income of $27.3-million for the quarter ended September 30, 2012, compared with $20.6-million for the same period in 2011. Revenue for the quarter was $97.6-million compared to $82.1- million in 2011. Over the past twelve months, AltaLink has invested $830-million in new transmission facilities which were funded through reinvestment of earnings, low-cost debt and equity investment from its owners. 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 more than 40 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 Q3 Events
Foothills Area Development progresses
In July, AltaLink submitted three separate Facilities Applications to the Alberta Utilities Commission (AUC) for the Foothills Area Transmission Development. Though the population in this area has grown substantially, the existing electrical transmission system in the area has not had a major development or upgrade since 1985. This upgrade will ensure power from new generation plants, including local gas generation and wind power generated in southern Alberta, is connected to Alberta's electric system meeting the growing demand in Calgary and the communities south and east of the city.
Important customer connections move ahead
During the third quarter three important customer projects were filed with the AUC, including the Cope Creek Interconnection Project. This project is needed to connect Shell Canada's proposed liquefied natural gas plant to the electric grid. If approved, construction on this project could begin this winter with completion in the spring. The Round Hill Substation and Transmission Line Connection Project was energized in August helping to meet increasing industrial demand in the Athabasca area.
Regional projects are energized
The Hinton-Edson segment of the Yellowhead Area Transmission Reinforcement was energized in August. This project will ensure reliable electricity to residents and industry for years to come. In September, a portion of the Hanna Region Transmission Development was also energized.
Western Alberta Transmission Line hearing concluded
In September, the AUC hearing for AltaLink's Western Alberta Transmission Line closed. The proposed 350- kilometre direct current transmission line would connect the Genesee and Langdon regions in Alberta and would improve reliability, reduce wasted energy and ensure Albertans have access to the lowest-priced supply. AltaLink hopes to receive a decision from the AUC later in 2012.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
AltaLink Management Ltd. - Investor Relations
Vice President, Treasurer
AltaLink Management Ltd. - Media Relations