CALGARY, ALBERTA (Globe Newswire – August 7, 2018) – AltaLink’s focus on providing top service is driving improved customer satisfaction. During the first half of 2018, AltaLink’s customer satisfaction level was 98%.
“Customer service at AltaLink is everyone’s job,” said Scott Thon, President and Chief Executive Officer of AltaLink. “We have made a commitment to provide our customers with the service and information they need for their businesses. Whether it is meeting schedules and budgets, providing predictable rates and reliable energy, or developing innovative solutions, our goal is to exceed our customers’ expectations.”
AltaLink surveys its customers quarterly to identify opportunities to improve its service. Segments of customers currently connected to AltaLink’s system and customers who are in the process of being connected to the system are surveyed.
“The last thing our customers want to worry about is their supply of electricity,” said Thon. “I’m incredibly proud of the results our team has achieved during the first half of the year. We will keep pushing to continue to improve our service levels for our customers.”
AltaLink announces 2018 second quarter financial results
AltaLink continues to invest in transmission facilities to ensure the reliability of the electricity grid and to help enable Alberta’s transition to a greener energy future. During the second quarter of 2018, AltaLink invested $96.9 million in its transmission system.
Today, AltaLink, L.P. announced comprehensive income of $81.7 million for the quarter ended June 30, 2018, compared to $80.8 million for the same period in 2017. The change is primarily a result of higher operating revenue partially offset by higher depreciation, both due to higher regulated capital investment.
Revenue from operations for the second quarter of 2018 was $238.7 million compared to $230.0 million in 2017, an increase of $8.7 million. The change is primarily due to AltaLink’s continued investments in electricity transmission infrastructure, and the related recovery of depreciation.
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 second quarter 2018 highlights
During the three months ended June 30, 2018:
- We earned net and comprehensive income of $81.7 million (three months ended June 30, 2017 – $80.8 million). Our net income increased slightly year over year due mainly to our increased regulatory capital investment;
- In the second quarter of 2018 our customer satisfaction was 98%, which is an improvement compared to 93% in the same period of 2017;
- Reliability of service provided to customers in the second quarter of 2018 compared unfavourably with the same period in 2017 due to damage to an isolated transmission line as a result of severe weather and localized flooding in the area. However, AltaLink’s year-to-date 2018 customer outage time was 16 minutes compared to 18 minutes for the same period in 2017;
- Our employee safety performance as measured by the total recordable injury frequency rate, was zero, representing zero injuries (three months ended June 30, 2017 – one injury);
- We invested $96.9 million (three months ended June 30, 2017 – $101.1 million) in capital assets to ensure continued reliability of the electricity network and help enable Alberta’s renewable energy future;
- On July 10, 2018, DBRS reaffirmed its senior secured ratings on AltaLink at “A” with a stable outlook. An “A” rating allows us to continue to provide low-cost debt financing for our customers; and
- On August 2, 2018, we received a decision from the Alberta Utilities Commission (AUC) on the 2018 Generic Cost of Capital proceeding. The AUC set the generic rate of return on common equity at 8.5% and AltaLink’s common equity ratio at 37% for 2018, 2019 and 2020.
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.
For more information please contact:
Investor Relations
Chris Lomore
Vice President, Treasurer
AltaLink Management Ltd.
Phone:403.267.3446
E-mail: Chris.Lomore@AltaLink.ca
Media Relations
Scott Schreiner
Vice President, Communications
AltaLink Management Ltd.
Phone:403.267.2176
E-mail: Scott.Schreiner@AltaLink.ca