Continuing its commitment to the reliability of the Alberta, Canada, electric system, AltaLink invested more than $60 million reinforcing its transmission facilities in the third quarter of 2007 to meet Alberta’s growing needs for electric service.
During the first nine months of 2007, AltaLink has invested more than $160 million into the maintenance or construction of facilities on the transmission system. This follows a combined investment of more than $290 million in 2005 and 2006.
While demand for electricity in Alberta continues to grow, AltaLink believes that a new and more market responsive approach to meeting the province’s electricity needs should be considered.
We need to reuse our rights-of-way wherever possible and conserve land for future generations while ensuring we meet the increasing demand for power in Alberta,” said Scott Thon, AltaLink president and CEO. “There isn’t an infinite amount of land available for new lines, and landowners have told us they do not want a proliferation of new transmission corridors.”
“It’s time to innovate and maximize the output of our existing assets and reuse the land already in use. It’s also time to look at employing new transmission technologies, including underground facilities and direct current lines,” he added.
AltaLink, L.P. reported its financial results for the third quarter ended September 30, 2007. The partnership recorded total revenue in the third quarter of 2007 of $54.7 million compared to $48.0 million for the same period in 2006.
Net income increased to $10.0 million before tax for the quarter, compared to net income of $6.0 million before tax for the same period in 2006.
Net income for the nine months ended September 30, 2007 was $29.5 million before tax on total revenues of $161.4 million, compared to net income of $24.6 million before tax and total revenue of $147.7 million for the same period in 2006. The change in net income reflects the increase in the partnership’s rate base, as well as a timing change in the recognition of certain components of income.