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Calgary, Alberta, February 28, 2022 (GLOBE NEWSWIRE) — In 2018, AltaLink announced plans to help customers overcome difficult economies and low energy prices. The company has promised to keep prices below 2018 levels until the end of 2023. With a recent Alberta Public Utility Commission (AUC) decision on AltaLink’s 2022-2023 general tariff application, AltaLink has achieved its goal of not raising rates for five years. ..
Gary Hart, President and Chief Operating Officer of AltaLink, said: “Pandemic puts even more cost pressure on many customers. Our ability to control costs and provide superior service is critical to Albertin.”
AltaLink’s regulated transmission speeds represent part of the state’s transmission charges.
In that decision, AUC rejected AltaLink’s request to refund an additional $ 120 million to Alberta customers between 2022 and 2023. AltaLink has proposed refunding previously collected depreciation to support customers when Alberta’s economy recovers.
“We are disappointed that the Commission has rejected our request to return these dollars to Albertan through refunds, but we are looking for opportunities to reduce costs and improve Albertan’s performance. I will continue, “said Mr. Hart.
Outstanding safety performance by AltaLink employees highlights the 2021 results
For the first time in its history, AltaLink has completed a calendar year without recordable employee injuries. Almost two years have passed since AltaLinker was injured at work.
“All AltaLinkers contribute to our safe working environment,” says Hart. “Our employees working in difficult situations are dedicated to keeping themselves and their colleagues safe. It’s clear that we believe in uncompromising safety.”
In 2021, AltaLink was awarded the Canadian Electricity Association (CEA) President’s Award for Safety Excellence for the fifth consecutive year. This award is given to utilities of similar size in the power generation, transmission or distribution business, which have achieved the highest rank in total recordable injury frequency (TRIF).
AltaLink announces 2021 annual results
AltaLink continues to invest in transmission equipment to ensure the reliability of the grid. In 2021, AltaLink invested $ 256.7 million in transmission systems.
Today, AltaLink and LP announced comprehensive income of $ 307.3 million for the 12-month period ending December 31, 2021, compared to $ 310.4 million for the same period in 2020. -2019-2021 Time adjustments related to GTA decisions and recovery of DACDA freight costs. This was partially offset by the unauthorized cost of capital in the 2016-2018 deferred account adjustment decision issued in December 2020.
Operating revenue for the 12 months ended December 31, 2021 was $ 950.8 million, compared to $ 953.9 million in the same period in 2020. Operating revenue decreased by $ 3.1 million, primarily due to the recognized increase in operating revenue in the second quarter of 2020. 2019-2021 Results of temporary adjustments related to GTA decisions. However, this was partially offset by an increase in acceptable costs.
As a partnership, AltaLink, LP reports pre-tax net income. Therefore, the results cannot be directly compared to the net income reported by companies that recognize income tax in their financial statements.
Complete financial results and management discussions and analysis of AltaLink can be found on the AltaLink website (www.altalink.ca) or SEDAR (www.sedar.com).
Headquartered in Calgary and with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta’s largest transmission provider. AltaLink has partnered with customers to provide innovative solutions that meet the state’s demand for reliable and affordable energy. AltaLink, a wholly owned subsidiary of Berkshire Hathaway Energy, is part of a global corporate group that provides energy services to customers around the world.
Important highlights of 2021
The 2021 results will be highlighted by AltaLink’s secure supply of affordable and reliable electricity to its customers.
- Our outstanding safety performance has continued for the past 21 months without injury. Employee safety performance, measured by total recordable injury frequency, is zero, representing zero injuries equal to the best ever compared to a single injury in 2020. In November 2021, we received the CEA President’s Award for the fifth consecutive year. For the safety of our employees as the best performing transmission company with 300 to 1,500 employees in 2020.
- The reliability of the services provided to our customers has improved as indicated by reliability indicators. The average customer outage period of 20 to 13 minutes in 2020 has improved. The frequency of customer outages from 0.39 to 0.37 in 2020 has improved. Customer recovery times from 80 minutes to 62 minutes in 2020 have also improved.
- The average customer satisfaction score improved from 9.13 in 2020 to 9.43.
- With a revenue requirement of $ 873.3 million in 2021, we continue to meet our customer commitment to stay below the 2018 level of $ 904 million. Our transmission charges to our customers were $ 632.9 million in 2021, compared to $ 887.8 million in 2018. The reduction in transmission charges is primarily due to the refund of the $ 230 million customer charge relief in 2021 approved by AUC on March 15. , 2021. AltaLink was applied to provide tariff relief for customers due to a sudden and unexpected pandemic and economic closure that adversely affected all Albertin.
- Alberta experienced a series of COVID-19 pandemic waves in 2021, and AltaLink effectively managed employee safety without workplace infections. We also continued to maintain an essential and reliable power supply for Albertin and our industrial customers while managing the impact of the COVID-19 pandemic.
- On April 30, 2021, AltaLink submitted the 2022-2023 GTA, fulfilling its commitment to keep customer rates below 2018 levels for the five years from 2019 to 2023. On January 19, 2022, AUC issued Decision 26509. -D01-2022 for the AltaLink 2022-2023 GTA. On February 18, 2022, AltaLink filed a compliance application of $ 1,742.2 million for a two-year total revenue requirement. Acknowledging the Alberta Court of Appeals’ ruling that KLP and PLP are allowed to include annual audit and hearing costs in fees, AUC has KLP and PLP compliance with costs previously not allowed by AltaLink. I instructed you to include it in your application. AUC has approved the total of the 2020 capital deferral accounts submitted, including the addition of a $ 26.2 million capital project.
- Comprehensive income was $ 307.3 million, compared to $ 310.4 million in 2020. Comprehensive income declined due to the recognized increase in operating revenue in 2020, primarily as a result of temporary adjustments related to the 2019-2021 GTA decision and the recovery of DACDA’s freight costs. , Partially offset by the unauthorized cost of capital in the 2016-2018 deferred account adjustment decision issued in December 2020.
- On April 14, 2021, S & P reaffirmed the AltaLink issuer’s credit rating and senior collateralized rating with an “A” in a stable outlook. On July 20, 2021, DBRS reaffirmed AltaLink’s issuer rating and senior debt rating with a stable trend of “A” and the commercial paper rating with “R-1 (low)”. .. A rating of “A” will keep your debt lending costs low.
- To continue to ensure the reliability of electrical systems, we invested $ 256.7 million in capital assets, compared to $ 307.8 million in 2020.
- On March 19, 2021, AUC announced a decision on AltaLink’s 2019 deferred account adjustment application, approving $ 128 million of the additional $ 128.5 million in capital projects, for $ 500,000. Did not admit the cost of capital.
- On March 4, 2021, AUC extended AltaLink’s current return on equity of 8.5% and considered a return on equity of 37% on a final basis in 2022.
- AltaLink is working on two projects to support the integration of renewable energy generation in eastern Alberta. Transfer-out transmission development in the central east and Vermilion transmission development from Provost to Edgerton and Nilrem. On August 10, 2021, AUC approved a facility application for Central East Transfer Out Transmission Development with an estimated project cost of $ 159 million. On August 26, 2021, AUC approved a facility application for the Provost to Edgerton portion of the Provost to Edgerton and Nilremto Vermilion Transmission Development with an estimated project cost of $ 125 million. On September 23, 2021, AUC rejected the facility application from Nilrem to Vermilion with an estimated project cost of $ 113 million. AESO has chosen to postpone this project by upgrading existing transmission lines and deferring instructions to AltaLink and ATCO Electric Ltd. to resubmit the facility’s application.
This news release does not constitute an offer to sell or purchase AltaLink securities in any jurisdiction, including but not limited to the United States. AltaLink securities have not been and will not be registered under the Securities Act of 1933 (the Securities Act of 1933) or the State Securities Act. In addition, it may not be offered or sold in the United States except for certain transactions. You are exempt from the registration requirements of US securities law and applicable state securities law.
Except for the historical and current factual information contained herein, it is included in this news release, including expressions such as “expect”, “intended”, “project”, “plan”, “expect”. The matter is positive. Look for information that represents AltaLink’s internal forecasts, especially the management of expectations or beliefs about future performance and its various factors or AltaLink’s economic performance. The forecasts, estimates, and beliefs contained in such forward-looking statements necessarily include known and unknown risks and uncertainties, and AltaLink’s actual performance and financial results for future periods are It may differ materially from future performance forecasts or the results expressed or implied by such future. The statement you are looking at. These risks and uncertainties include, among other things, those listed in AltaLink’s filings with Canadian securities authorities. Therefore, AltaLink Securities holders and potential investors should be aware that the results may differ significantly from expectations depending on the event or circumstances. AltaLink is not responsible for updating these forward-looking statements.
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AltaLink has fulfilled its commitment not to increase transmission rates for five years, The Canadian Business Journal
Source link AltaLink has fulfilled its commitment not to increase transmission rates for five years, The Canadian Business Journal