Enmax declares record dividend for City of Calgary

Scott Dippel · CBC News

· Posted: Mar 13, 2025 7:32 PM EDT | Last Updated: 5 minutes ago

Enmax has declared a dividend of $103 million to be paid to the City of Calgary, according to its 2024 fiscal results.

That dividend is up from the $94 million that was paid past year.

The city-owned inferior presented its 2024 yearly study to metropolis council's audit committee connected Thursday.

Enmax reported its comparable nett net for 2024 were $316 million, which represented a year-over-year alteration of 9 per cent.

The institution said overmuch of the increase successful net was owed to an summation successful transmission and organisation margins successful its regulated businesses and an summation successful the energy borderline successful its competitory business.

Enmax reported an summation successful retail customers and little proviso costs successful 2024.

So adjacent though energy prices successful its Alberta operations eased past twelvemonth from the erstwhile grounds highs successful 2023, it made much money.

The president and CEO of Enmax, Mark Poweska, said 2024 was a beardown twelvemonth for the institution and each parts of it contributed to that picture.

"We person our competitory concern present successful Alberta. We besides person a regulated concern present successful Alberta, and we person a regulated concern successful Maine," said Poweska.

"That has truly fixed america the accidental to creaseless earnings."

That U.S. concern is Versant Power, which is simply a inferior successful the authorities of Maine that was acquired by Enmax successful 2020 for $1.8 billion.

"It was a bully strategical concern for us," said Poweska, adding it helps to diversify Enmax's holdings. He said that includes adding a much unchangeable regulated concern to its portfolio, which also provides U.S. currency.

The seat of the city's audit committee, Coun. Evan Spencer, said immoderate Calgarians scratched their heads initially astir that purchase.

"I deliberation we tin proceed to spot that this is simply a concern that's truly driving worth for Calgarians," helium said.

The Enmax yearly dividend, erstwhile declared, is really paid to the metropolis connected a quarterly basis.

City assembly volition determine however that wealth is spent. Spencer said determination volition beryllium nary shortage of possibilities.

"The metropolis is successful a shortage presumption connected a full assortment of priorities, truthful it is not hard uncovering a spot to walk it. It truly conscionable ends up being which 1 we deliberation is going to get the astir worth for Calgarians," said Spencer.

Enmax's yearly dividend to Calgary has been expanding successful caller years since assembly directed the inferior to supply greater returns from its earnings.

From 2004 to 2022, the inferior paid betwixt $40 cardinal and $68 cardinal annually to the city.

Since then, the dividend has been climbing.

In 2023, the outgo to the sole shareholder was $82 million, rising to $95 cardinal past twelvemonth and reaching a grounds level of $103 cardinal this year.