AltaLink continues to offer a commitment to keep rates constant for five years, Canadian Business Journal

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CALGARY, Alberta, Nov. 7, 2022 (GLOBE NEWSWIRE) — AltaLink continues to achieve its highest ever customer satisfaction rating with a year-to-date average score of 9.62 out of 10. This is AltaLink’s ongoing focus.

Since 2015, AltaLink has reduced customer costs by $1.4 billion through a number of tariff-leveling initiatives and customer reimbursement, while at the same time keeping its rate flat five-year commitment to 2023, which it made in 2018. Plays.

AltaLink President and CEO Gary Hart said: “As Alberta feels the pressure of rising energy prices, we continue to look for opportunities to reduce costs now and look to the future of Alberta’s electricity.”

AltaLink’s commitment to the annual let’s connect The customer event brings together 100 customers and industry partners to discuss the themes of powering the future and achieving a net-zero grid, with a continued focus on providing reliable, low-cost electricity to Alberta. hosted.

The federal government has a goal of achieving net-zero emissions across Canada by 2050, but with an earlier goal of the electricity grid achieving net-zero emissions by 2035, the transmission system will allow for the transition. important in doing so.

“Electricity will play a bigger role in our lives than ever before, as we move toward the electrification of our societies with the goal of net-zero emissions by 2035,” Hart said. “Industry collaboration is essential to ensure we look to the future while providing the reliable, affordable power that Albertans expect and deserve.”

AltaLink Announces 2022 Third quarter result

AltaLink continues to invest in transmission equipment to ensure grid reliability. AltaLink invested his $34.8 million in transmission systems in the third quarter of 2022.

AltaLink, LP today announced net and comprehensive income of $74.5 million for the three months ended September 30, 2022. In comparison, in the same period in 2021, he made $78.2 million. The Company’s net and comprehensive income decreased $3.7 million compared to the same period in 2021. This was primarily due to higher interest expense as a result of higher interest rates on short-term debt relative to lower tariff recovery.

Operating revenues for the three months ended September 30, 2022 were $234.8 million, compared with $236.6 million for the same period in 2021. Relief expenses.

As a partnership, AltaLink, LP reports net income before income taxes. Therefore, the results cannot be directly compared to net income reported by companies that recognize income tax in their financial statements.

AltaLink’s complete financial results and management’s discussion and analysis can be found on AltaLink’s website at www.altalink.ca or SEDAR at www.sedar.com.

Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta’s largest transmission provider. AltaLink partners with customers to provide innovative solutions that meet the state’s demand for reliable and affordable energy. A wholly owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies providing energy services to customers around the world.

key highlights in the meantime third quarter 2022

• The average customer satisfaction score was 9.65, an improvement from 9.54 in the same quarter in 2021.
• Service reliability measured by customer downtime was 2 minutes, which is in line with the same quarter in 2021.
• The total recordable injury frequency was 1.35. This represents him having two injuries in one vehicle accident, compared to zero injuries in the same quarter in 2021. , representing 3 injuries compared to 0 injuries in the last 12 months.
• On June 30, 2022, AltaLink submitted a cost sharing application to the AUC seeking approval to provide its customers with a one-time payment of $800,000 as a result of the savings achieved from 2019 to 2021. On August 2, 2022, the AUC issued Decision 27498-D01-2022 on AltaLink’s Cost Sharing Application, approving the submitted application.
• On July 21, 2022, DBRS reaffirmed AltaLink’s rating. This includes an issuer credit rating of ‘A’ for medium-term notes (including 2020-1 senior secured notes) and an R-1 (low) rating for commercial paper. All trends are stable. An ‘A’ rating keeps your debt financing costs low.
• Earned net and comprehensive income of $74.5 million, compared to $78.2 million in the same quarter in 2021. Net and comprehensive income decreased primarily due to higher interest expense as a result of higher interest rates on short-term debt relative to lower tariff recovery.
• On July 26, 2022, AltaLink reduced AltaLink’s 2022 revenue requirement to $870.8 million, combined 2022 revenue requirement including PLP and KLP to $878.9 million, AltaLink’s 2023 revenue requirement of $875 million and filed a second compliance filing with combined 2023 revenue requirements. , including PLP and KLP, $883 million. On August 17, 2022, the AUC will approve the revised revenue requirements as submitted and provide customers with a 50% incentive for AltaLink to maintain rates below 2018 levels of $904 million over a five-year period. We have made it possible to fully realize the commitment of 1. The period from 2019 to 2023.
• We invested $34.8 million in capital assets to connect renewable energy and natural gas generation and ensure the continued reliability of our electricity network, compared to $58.5 million in the same quarter of 2021.

This news release does not constitute an offer to sell or a solicitation of an offer to buy Altalink’s Securities in any jurisdiction, including but not limited to the United States. Altalink’s Securities are not registered and will not be registeredEd 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 under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or state securities laws . Applicable State Securities Laws.

Except history and present factual information Expressions such as “expect,” “intend,” “plan,” “plan,” “anticipate,” and similar expressions used in this news release are statements Outlook information. Altalink’s internal predictions, expectations, or beliefs about, above all, future operating results and its various components, or AltaLink’s economic performance. Projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties. Altalink’s Actual performance and financial results in future periods may differ materially from projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: Altalink’s Filing with Canadian Securities Authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that results may differ materially from those projected as a result of events and circumstances. AltaLink is not responsible for updating them. Forward statement.

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For more information, please contact:

PR for investors Chris Romore Vice President, Treasurer Altalink Management Co., Ltd. phone: 403.828.1521 Email: [email protected]

Media contact point Amanda Sadorea Manager, Corporate Communications Altalink Management Co., Ltd. phone: 403.585-7289 Email: [email protected]

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