Higher adjusted earnings in the second quarter of 2021 were mainly due to stronger results from the Utilities segment related to ongoing transition work and commencement on
IFRS earnings attributable to equity owners of the Company were
RECENT DEVELOPMENTS
- Invested
$430 million in capital projects in the second quarter of 2021, of which 96 per cent was invested in regulated utilities. - Received a decision from the
Alberta Utilities Commission onJune 15, 2021 approving the acquisition of the Pioneer Pipeline from Tidewater Midstream & Infrastructure and its partner TransAlta Corporation for the purchase price and associated integration costs of$265 million , and the corresponding revenue requirement for 2021 to be included inNatural Gas Transmission's rates. As part of the transaction,Natural Gas Transmission will transfer approximately 30-km of the pipeline toNova Gas Transmission Ltd. for$65 million upon approval from the Canada Energy Regulator. - LUMA Energy commenced operations on
June 1, 2021 under the Supplemental Agreement to its 15-year contract to modernize and operatePuerto Rico's electricity transmission and distribution system after successful completion of the one-year transition period. - Launched Rümi, a solutions provider for home and business owners, offering lifestyle products, home maintenance services and professional advice for homeowners. Rümi currently offers approximately 60 services in
Edmonton andCalgary , and more than 750 products for purchase online. - Announced a partnership with Suncor Energy in
May 2021 , to collaborate on early stage design and engineering of a potential clean hydrogen project nearFort Saskatchewan, Alberta . The project will produce more than 300,000 tons per year of clean hydrogen, while capturing greater than 90 per cent of the carbon emissions, reducingAlberta's carbon dioxide emissions by more than two million tons per year. - Received notification of
$29 million AUD in conditional funding from theAustralian Renewable Energy Agency (ARENA) to kick start the production of hydrogen through a large scale project atCanadian Utilities' proposed Clean Energy Innovation Park inWestern Australia . - Declared a third quarter dividend of
43.98 cents per share or$1.76 per Class A non-voting and Class B common share on an annualized basis.
TELECONFERENCE AND WEBCAST
Management invites interested parties to listen via live webcast at:
https://www.canadianutilities.com/en-ca/investors/events-presentations.html
A replay of the teleconference will be available approximately two hours after the conclusion of the call until
https://www.canadianutilities.com/en-ca/investors/events-presentations.html within a few business days.
This news release should be read in concert with the full disclosure documents.
With approximately 4,500 employees and assets of
Investor & Analyst Inquiries:
Senior Vice President, Finance,
Colin.Jackson@atco.com
(403) 808 2636
Media Inquiries:
Senior Manager, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571
Forward-Looking Information:
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.
The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions (including as may be affected by the COVID-19 pandemic), and other factors, many of which are beyond the control of the Company.
The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
SOURCE
© Canada Newswire, source