Enmax to pay $95 million in dividend to Calgary

Enmax will pay a $95 million dividend to its sole shareholder in 2023.

The payment of dividends is indicated in the annual financial report of the city utility company. The record dividend was up from last year's payout of $82 million, which was a record at the time.

Company officials declined to be interviewed about the dividend.

In its annual financial report, Enmax said its consolidated revenue last year was $829 million. This is $737 million more than the previous year.

He said the higher earnings were due in part to higher transmission and distribution margins, as well as higher electricity prices in the Alberta market in 2023.

The annual dividend is influenced by factors such as Enmax's financial performance and the company's liquidity requirements.

Enmax's sole shareholder, the City of Calgary, will allocate $57 million of the dividend money to the current year's operating budget.

In previous years, some of the dividend money was allocated to the legacy parks reserve fund.

However, later this month, the City Council is expected to discuss directing the rest of the dividend payment to help offset inflationary pressures the city is experiencing on existing capital projects.

Enmax dividends are paid to the city in quarterly payments throughout the year.

The utility will hold its annual general meeting with the city council at the end of May.