Calgary, Alberta – AltaLink, Alberta’s largest transmission company, achieved several key milestones during the second quarter of 2011 in meeting its mandate to supply Alberta’s increased demand for electricity.
During the second quarter, AltaLink received approval from the Alberta Utilities Commission (AUC) to build a 240-kilometre transmission line and related substations from the Brooks area to south of Medicine Hat. The project will allow several wind farms with a proposed capacity of more than 1,200 megawatts to connect to the electricity grid, providing Albertans with access to new green sources of electricity to power their homes, farms and businesses.
AltaLink also received approval to upgrade and expand the transmission system in the Yellowhead region, west of Edmonton. The transmission system which includes the Hinton, Edson and Drayton Valley areas will be upgraded to address reliability concerns and to enable important regional economic growth.
“AltaLink’s number one priority is to provide Albertans with an electrical grid that can keep pace with the province’s growing demand for electricity,” says Scott Thon, AltaLink’s President & Chief Executive Officer. “With our aging infrastructure, it is becoming more difficult for industries and consumers to access new sources of electricity. If Albertans are to continue to benefit from reliable low-cost electric energy, it is critical for the proposed transmission projects to proceed so we can supply electricity for the continued growth of our province.”
In Edmonton and the region surrounding it, AltaLink and its partner EPCOR held some 4,500 conversations with stakeholders about the proposed Heartland Transmission Project. The AUC held a public hearing during April and May to review the recommended transmission line routes that would serve the growing Heartland area, northeast of Edmonton. A decision from the AUC is anticipated later this year.
In the area between Edmonton and Calgary, AltaLink engaged with stakeholders about the proposed Western Alberta Transmission Line. This project upgrades the most critical power corridor in the province between Lake Wabamun, a region that produces approximately 50 per cent of Alberta’s electric energy and Calgary, southern Alberta’s largest load centre and a key supply point for southern Alberta. The AUC has scheduled a hearing for November to review the routes for the Western Alberta Transmission Line.
In Central and Southern Alberta, AltaLink is consulting this summer with landowners and municipal governments in meetings, open houses and individual conversations. This input will help AltaLink determine the lowest impact solution for a series of transmission projects to reinforce central Alberta’s aging transmission system in the Red Deer region as well as projects in southern Alberta to enable Albertans to access new sources of renewable wind power.
Today, AltaLink, L.P. announced net income of $17.1 million for the second quarter of 2011 ending June 31, 2011, compared with $20.3 million for the same period in 2010. 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, AltaLink is Alberta’s largest electricity transmission provider. The company is working with stakeholders to build more than 100 new transmission projects to meet the province’s increasing demand for energy. These projects will provide Albertans with access to clean, renewable energy and the lowest-priced electricity available in the province.
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 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
or
Dennis Floate
Manager, Corporate Communications
AltaLink Management Ltd.
Phone: 403.267.2152
E-mail: Dennis.Floate@AltaLink.ca