Enmax sets dividend payment to the City of Calgary at $95M

Enmax is paying its sole shareholder a $95 million dividend from its operations in 2023.

The dividend payment was revealed in the city-owned utility's annual financial statement. The record dividend tops last year's $82 million payment which was also a record at the time.

Company officials refused a request for an interview regarding the dividend.

In its annual financial report, Enmax stated that its consolidated earnings hit $829 million last year. That's up from $737 million the previous year.

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

The annual dividend is affected by factors like Enmax's financial performance and the company's liquidity requirements.

Enmax's sole shareholder, the City of Calgary, will direct $57 million of the dividend money toward its operating budget for this year.

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

However, later this month city council is expected to discuss directing the remainder of the dividend payment toward helping it offset the inflationary pressures the city is experiencing on its existing capital projects.

The Enmax dividend is paid to the city in quarterly payments throughout the year.

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