AltaLink, L.P., Alberta’s largest electricity transmission provider, today reported its financial results for the first quarter ended March 31, 2006. The company recorded net income of $11.0 million before tax on total revenue of $50.2 million for the quarter, compared to net income of $11.9 million before tax and total revenue of $53.8 million for the same period in 2005.
In the first quarter of 2006, AltaLink continued to deliver on its mandate as a fully-regulated utility, providing Alberta with a stable, reliable and cost-effective transmission system. And as the demand for electricity in the province continues to grow, critical projects that support that growth are ongoing.
“The 500 kV development between the Edmonton and Calgary regions is the cornerstone of the expansion required to reinforce Alberta’s transmission system,” said Scott Thon, AltaLink President and Chief Executive Officer. “After consulting with more than 2,500 landowners, including more than 2,000 face-to-face meetings, and hosting nine open houses along the project corridor, the project continues on schedule. We are planning to submit our permit and licence application to construct the line in the third quarter of 2006.”
“This line will provide valuable benefits to all Albertans, including improved system reliability and increased efficiency that will reduce costly transmission line losses, equivalent to the electricity required to power a city the size of Red Deer.”
AltaLink is in the final stages of identifying the best overall route for the 500-kV transmission line. Through study and consultation, AltaLink has determined that a route built primarily adjacent to existing lines in the corridor will have the least overall impact based on social, land use, environmental and cost criteria. As per the project schedule, the company has initiated the spring environmental testing to complete the required environmental impact assessment for the project and is continuing to evaluate route options around the Genesee Plant, the Gleniffer Lake area and north of Crossfield.