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November 7, 2022
CALGARY, ALBERTA – AltaLink continues to achieve best-ever customer satisfaction with a year-to-date average score of 9.62 out of 10. This includes achieving a score of 9.35 based on the value for money that it delivers to its customers, an ongoing focus for AltaLink.
Since 2015, AltaLink has reduced customer costs by $1.4 billion through a number of tariff levelization initiatives and customer refunds, while at the same time delivering on a commitment it made in 2018 to keep its rates flat for five years through 2023.
“I am proud of the work our team has done in delivering outstanding service for our customers while managing costs and keeping our rates flat,” said Gary Hart, AltaLink President and Chief Executive Officer. “As Albertans are feeling the pressure of high energy prices, we continue to seek opportunities to reduce costs now and as we look to Alberta’s electricity future.”
AltaLink’s commitment was on display at its annual Let’s Connect customer event, where it hosted 100 of its customers and industry partners to discuss the theme of energizing the future and achieving a net-zero grid while remaining focused on delivering reliable, low-cost power to Albertans.
The federal government has a goal to reach net-zero emissions across Canada by 2050, but there is an earlier target for the electricity grid to achieve net-zero by 2035 and the transmission system will be critical in enabling the transition.
“In the pursuit of net-zero emissions by 2035 and the increasing electrification of our society, electricity will play a larger role in our lives than ever before,” said Mr. Hart. “Industry collaboration is critical to ensure that we can look to the future while delivering reliable and affordable electricity that Albertans expect and deserve.”
AltaLink announces 2022 third quarter results
AltaLink continues to invest in transmission facilities to ensure the reliability of the electricity grid. During the third quarter of 2022, AltaLink invested $34.8 million in its transmission system.
Today, AltaLink, L.P. announced net and comprehensive income of $74.5 million for the three months ended September 30, 2022, compared to $78.2 million for the same period in 2021. Our net and comprehensive income decreased by $3.7 million compared to the same period in 2021 mainly due to higher interest expense as a result of higher interest rates on short-term debt compared to lower tariff recovery.
Revenue from operations for the three months ended September 30, 2022, was $234.8 million compared to $236.6 million during the same period in 2021. Our revenue from operations decreased by $1.8 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.
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 highlights during the third quarter of 2022
FOR FURTHER INFORMATION
Vice President, Treasurer
AltaLink Management Ltd.
Manager, Corporate Communications
AltaLink Management Ltd.