AltaLink’s 2021 ESG Report – Powering a Grid for All – released in June
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CALGARY, Alberta, Aug. 08, 2022 (GLOBE NEWSWIRE) -- With the release of its 2021 ESG Report – Powering a Grid for All – AltaLink continues to demonstrate its commitment to sustainability as it operates the transmission system that supplies millions of Albertans with electricity.
“As we work toward a more sustainable future, how we work is just as important as what we do,” said Gary Hart, AltaLink President and Chief Executive Officer. “Every decision we make considers the potential impacts and opportunities for our people, for our customers and partners, for the environment, and for our business.”
In 2014, AltaLink was the first electricity transmission company in Canada, and only the second utility overall, to receive Electricity Canada’s Sustainable Electricity LeaderTM designation. Five years later, AltaLink was the first utility in Canada to be redesignated in the program.
“Our customers, employees, and investors expect us to do the right thing as we deliver electricity to millions of Albertans,” said Mr. Hart. “Whether it is achieving two full years without an employee injury, launching employee resource groups to recognize and support minority employees and their allies, managing the environmental impact of our operations, or collaborating with First Nations in the first-of-their-kind PiikaniLink and KainaiLink partnerships, we are demonstrating our commitment to sustainability while continuing our drive to improve performance.”
AltaLink’s 2021 ESG Report can be found at www.altalink.ca.
AltaLink announces 2022 second quarter results
AltaLink continues to invest in transmission facilities to ensure the reliability of the electricity grid. During the second three months of 2022, AltaLink invested $62.3 million in its transmission system.
Today, AltaLink, L.P. announced net and comprehensive income of $77.0 million for the three months ended June 30, 2022, compared to $76.0 million for the same period in 2021. Our net and comprehensive income increased by $1.0 million compared to the same period in 2021 because the 2022 results did not have a loss on the sale of assets and certain non-recoverable depreciation which occurred in 2021.
Revenue from operations for the three months ended June 30, 2022, was $233.8 million compared to $234.9 million during the same period in 2021. Our revenue from operations decreased by $1.1 million, compared to the same period in 2021, primarily due to recovery of lower salvage expenses.
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.
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 second three months of 2022
Our average customer satisfaction score of 9.69 improved compared to 9.45 for the same quarter in 2021.
Our reliability of service as measured by customer outage duration of three minutes improved compared to four minutes for the same quarter in 2021.
On June 30, 2022, with the release of our 2021 ESG Report, AltaLink continues to demonstrate its commitment to sustainability as it operates the transmission system that supplies millions of Albertans with electricity.
We had one injury compared to zero injuries for the same quarter in 2021. Our total recordable injury frequency rate for the first half of 2022 was 0.30. Our safety record is strong with only one employee safety incident over the past 27 months.
On April 19, 2022, AltaLink filed revised 2022 and 2023 revenue requirements including PLP and KLP of $878.8 million and $882.7 million, respectively, in response to additional information requested by the AUC on April 14, 2022. On May 17, 2022, the AUC approved the revised revenue requirements as filed, allowing AltaLink to fully deliver on its flat-for-five commitment to our customers to keep our rates at or below the 2018 level of $904 million during the five-year period from 2019 to 2023.
On June 24, 2022, the AUC varied its Decision 26509-D01-2022 stating that AltaLink substantiated the Pipeline Electrical Interference Mitigation Program forecast capital expenditures at issue, with the exception of forecast capital expenditures that are wholly the responsibility of the pipeline owner. As a result, the AUC approved 91% of the Program’s forecast capital expenditures, totaling $4.3 million for 2022 and $3.0 million for 2023.
On May 9, 2022, S&P reaffirmed its issuer credit rating and senior secured rating on AltaLink at “A” with a stable outlook. On July 21, 2022, DBRS reaffirmed its issuer rating on AltaLink’s medium-term notes at “A” with a stable trend. An “A” rating allows us to keep debt financing costs low for our customers.
We earned net and comprehensive income of $77.0 million compared to $76.0 million for the same quarter in 2021. Our net and comprehensive income increased due to the fact that the second quarter 2022 results did not have a loss on the sale of assets and certain non-recoverable depreciation which occurred in 2021.
We invested $62.3 million in capital assets compared to $65.5 million for the same quarter in 2021 to connect renewable as well as natural gas generation and to ensure the continued reliability of the electricity network.
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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