CALGARY, ALBERTA (Globe Newswire – November 8, 2021) – AltaLink closes National Cyber Security Awareness Month with a continued focus on protecting the transmission system for its customers in the face of increasing security threats.
The Electric Reliability Organization’s 2021 Reliability Risk Priorities Report identifies security as one of four significant evolving risks to the reliability of the power system in North America.
“The utility industry continues to be a target for cyber-attacks around the world,” said Gary Hart, AltaLink’s President and Chief Operating Officer. “We can significantly reduce the likelihood of Albertans being impacted by an attack on Alberta’s energy backbone with responsible investment in the protection of the network that operates the grid.”
Even with AltaLink’s current dedicated focus on cyber security, the Canadian Centre for Cyber Security’s National Cyber Threat Assessment states that the number of cyber threat actors is rising, and they are becoming more sophisticated. AltaLink is investing in the security of its system to continue to be positioned to respond to rising threats and minimize potential risks to the grid.
“It only takes one vulnerability for an attack on the grid to have serious implications for the millions of Albertans that depend on it every day,” said Mr. Hart. “We have a responsibility to ensure that our system remains safe and reliable for our customers, and that requires it to be secure.”
AltaLink announces 2021 third quarter results
AltaLink continues to invest in transmission facilities to ensure the reliability of the electricity grid. During the third quarter of 2021, AltaLink invested $58.5 million in its transmission system.
Today, AltaLink, L.P. announced net and comprehensive income of $78.2 million for the three months ended September 30, 2021, compared to $76.4 million for the same period in 2020. Our net and comprehensive income increased mainly due to interest and non-regulated cost savings and the regulated return on recent investments in transmission assets. Revenue from operations for the three months ended September 30, 2021, was $236.6 million compared to $232.1 million during the same period in 2020. Our revenue from operations increased by $4.5 million due to higher recovery of allowed expenses in 2021.
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. AltaLink is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering energy services to customers worldwide.
Significant highlights during the third quarter of 2021
During the three months ended September 30, 2021:
- We continued to provide monthly installments of the $230 million customer tariff relief refund as approved by the AUC for 2021.
- Our outstanding safety performance continued with zero injuries for the last 18 months. Our year to date total recordable injury frequency rate was zero, representing zero injuries compared to one injury for the same period in 2020.
- Our customer outage duration improved and was two minutes compared to four minutes for the same quarter in 2020. Our year to date customer outage duration improved and was 12 minutes compared to 18 minutes for the same period in 2020.
- Customer satisfaction average score improved and was 9.54 compared to 9.34 for the same quarter in 2020. Our year-to-date customer satisfaction average score was 9.42 compared to 9.22 for the same period in 2020.
- In October 2021, we completed our first Diversity and Inclusion Pulse Survey. We had a 79% participation rate and received over 80% favorable responses in terms of AltaLink actively supporting diversity and inclusion in the workplace; a workplace climate that was welcoming of all employees regardless of their religion, race, ethnicity, gender, age or sexual orientation; and leadership who foster an inclusive work environment.
- Alberta experienced the fourth wave of the COVID-19 pandemic in the quarter and AltaLink effectively managed the safety of its employees with no workplace transmission to date. We also continued to maintain the transmission of essential and reliable electricity for Albertans and our industrial customers while managing the impacts of the COVID-19 pandemic.
- We earned net and comprehensive income of $78.2 million compared to $76.4 million for the same quarter in 2020. Our net and comprehensive income increased mainly due to interest and non-regulated cost savings and the regulated return on recent investments in transmission assets.
- On July 20, 2021, DBRS reaffirmed AltaLink’s Issuer Rating and Senior Debt rating at “A” with stable trends, and the rating of its Commercial Paper at “R-1 (low)”. An “A” rating allows us to keep debt financing costs low for our customers.
- We invested $58.5 million in capital assets compared to $68.3 million for the same quarter in 2020 to ensure continued reliability of the electricity network.
- On August 10, 2021, the AUC approved the facility application for Central East Transfer-Out Transmission Development with an estimated project cost of $159 million.
- On August 26, 2021, the AUC approved the facility application for the Provost to Edgerton portion of the Provost to Edgerton and Nilrem to Vermilion Transmission Development with an estimated project cost of $125 million. On September 23, 2021, the AUC denied the facility application for the Nilrem to Vermilion portion with an estimated project cost of $113 million. While the AUC provided direction on what will be required when AltaLink and ATCO Electric Ltd. re-file their facility application for the Nilrem to Vermilion portion, the AESO has chosen to delay the project by uprating an existing transmission line. The Central East Transfer-Out and Provost to Edgerton and Nilrem to Vermilion Transmission Development projects support the integration of renewable electricity generation in the east section of Alberta.
- On October 15, 2021, the Alberta Court of Appeal released its decision and ruled that PLP and KLP be allowed to include annual audit and hearing costs in their respective tariff applications, on the basis that the AUC erred by failing to take into account all relevant factors in disallowing these costs in Decision 22612-D01-2018.
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.
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FOR FURTHER INFORMATION
Investor Relations
Chris Lomore
Vice President, Treasurer
AltaLink Management Ltd.
Phone: 403.828.1521
E-mail: Chris.Lomore@AltaLink.ca
Media Relations
Scott Schreiner
Vice President, Communications
AltaLink Management Ltd.
Phone: 403.880.0275
E-mail: Scott.Schreiner@AltaLink.ca