CALGARY, ALBERTA--(Marketwired - Nov. 6, 2015) -
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AltaLink is committed to reducing Alberta's greenhouse gas (GHG) emissions and enabling new, renewable generation in Alberta. During the third quarter of 2015, AltaLink submitted a proposal to Alberta's Climate Change Advisory Panel with recommendations for greening the grid and lowering GHG emissions. In September, AltaLink also completed construction and energized a new transmission line, which will deliver wind energy from renewable generators in southern Alberta for the benefit of all Albertans.
Investing in Alberta's clean energy future, AltaLink's submission to the Government of Alberta's Climate Change Advisory Panel, outlines a plan to assist Alberta in cutting emissions from coal generation, creating jobs and delivering a reliable, cost-effective electricity grid.
"AltaLink understands Alberta's electricity sector. It's all we do. So we know that reliable, affordable and environmentally-sustainable electricity for Alberta's businesses and families depends on a diversified portfolio of resources that includes renewables, cogeneration and other gas-fired generation, energy efficiency, and strong access to regional markets," said Scott Thon, AltaLink's president and CEO.
AltaLink's plan includes suggestions for attracting investment in renewable generation development through a process that provides long-term contracts and recommendations for minimizing the cost of coal retirement. The recommendations include removing coal generation from general daily use and using existing coal capacity only as a reliability back up at times of low renewable generation or as a temporary contributor during periods of peak demand.
Implementing AltaLink's recommendations, together with the continued promotion of energy efficiency behaviour to all consumers, will significantly contribute to GHG reductions in Alberta while preserving reliability, cost-effectiveness and economic growth for all Albertans.
AltaLink's latest project energization in the third quarter supports the continuing growth of Alberta's wind energy sector. Together with the Foothills Area Transmission Development projects energized earlier in 2015, the South Foothills Transmission Project (SFTP), between the Fort Macleod and High River areas, delivers increased capacity to transmit electricity from wind farms in southern Alberta to the homes, farms and businesses across the province.
"Alberta has tremendous potential for generating new, green wind energy," said Thon. "With the completion of SFTP on time and on budget, we have removed a significant barrier to bringing wind energy from where it's generated to where it's needed. In addition, we are currently consulting on a project in Southern Alberta that will provide considerable additional system capacity for wind producers."
AltaLink announces third quarter financial results
Today, AltaLink, L.P. announced net income of $61.5 million for the quarter, compared with $54.2 million for the same period in 2014. Revenue for the quarter was $224.0 million compared to $183.6 million in 2014. 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 electricity transmission provider. We are committed to meeting the province's demand for electricity, providing innovative solutions, and partnering with our stakeholders and communities in doing so. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering electricity and utility services to customers worldwide.
Significant Q3 highlights
- AltaLink's commitment to safety remains a core value. To date in 2015, AltaLink has completed one million hours of work without a lost time or medical aid incident;
- AltaLink's South Foothills Transmission Project was energized. The 240 kV transmission line between Fort Macleod and High River will carry wind energy from southern Alberta to supply Calgary and the surrounding area.
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.