EPCOR Announces Quarterly Results and Release of 2024 Sustainability Report
EDMONTON, AB, May 1, 2025 /CNW/ - EPCOR Utilities Inc. (EPCOR) today filed its quarterly results for the period ended March 31, 2025.
"First quarter financial performance was in line with expectations, supported by steady growth across EPCOR's footprint," said John Elford, EPCOR President & CEO. "Growth also continues to drive our plans for investment in infrastructure expansion and renewal."
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"In January, EPCOR and other Alberta regulated electricity retailers implemented a new energy product, the Rate of Last Resort (RoLR), a fixed two-year electricity rate available to all residential and small commercial customers," said Mr. Elford. "Throughout the implementation process, our teams focused on ensuring a smooth transition and mitigating potential risks for our customers. We also help customers control their energy costs by entering into fixed-price contracts through our competitive retailer Encor by EPCOR – the fastest-growing competitive energy retailer in Alberta."
"Today marks the release of EPCOR's 2024 Sustainability Performance Update," added Mr. Elford. "This year's report reflects the progress we're making across key sustainability priorities. From expanding access to safe water and advancing clean energy solutions, to deepening our relationships with Indigenous communities and strengthening climate resilience, we continue to move forward with purpose and care. We remain committed to delivering value by balancing necessary investments with keeping costs manageable for our customers. Between 2022 and 2024 our teams limited the average annual increase in operating costs per customer in our regulated utilities to less than 2.5%, delivering value in an environment where North American consumer price increases averaged around 3.8% per year."
Highlights of EPCOR's financial performance are as follows:
Net income was $103 million for the three months ended March 31, 2025, compared with net income of $104 million for the comparative period in 2024. The decrease of $1 million was primarily due to fair value adjustments related to financial electricity purchase contracts and higher depreciation, partially offset by higher Adjusted EBITDA 1 and higher transmission system access service charge net collections.
Adjusted EBITDA 1 was $289 million for the three months ended March 31, 2025, compared with $260 million for the comparative period in 2024. The increase of $29 million was primarily due to higher rates, consumption, customer growth, and higher regulated electricity margins, partially offset by higher staff costs and lower commercial activity.
Capital expenditures were $194 million for the three months ended March 31, 2025, compared with $190 million for the corresponding period in 2024.
Interim management's discussion and analysis and the unaudited condensed consolidated interim financial statements are available on EPCOR's website (www.epcor.com) and SEDAR+ (www.sedarplus.ca).
EPCOR builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, and sanitary and stormwater systems in Canada and the United States. EPCOR also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, is committed to conducting its business and operations safely and responsibly. Environmental stewardship, public health and community well-being are at the heart of EPCOR's mission to provide clean water and safe, reliable energy. EPCOR is one of Alberta's Top 85 Employers, is ranked among Corporate Knights' 2024 Best 50 Corporate Citizens in Canada, and is designated a Utility of the Future Today by the Water Environment Federation.
Adjusted EBITDA is a non-GAAP financial measure. See the Non-GAAP Financial Measures section in Appendix 1 to this media release.
Appendix 1 Non-GAAP Financial Measures
EPCOR uses earnings before finance expenses, income tax recovery (expense), depreciation and amortization, changes in the fair value of derivative financial instruments, transmission system access service charge net collections and other unusual items (collectively, Adjusted EBITDA) to discuss operating results for EPCOR's lines of business. Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers.
The reconciliation between Adjusted EBITDA to Net income as reported under IFRS Accounting Standards is shown below:
1.
The change in fair value of derivative financial instruments represents the change in fair value of financial electricity purchase contracts between the electricity forward prices and the contracted prices at the end of the reporting period, for the contracted volumes of electricity.
2.
Transmission system access service charge net collections are the difference between the transmission system access service charges paid to the provincial system operators and the transmission system access service charges collected from electricity retailers. Transmission system access service charge net collections are timing differences, which are collected from or returned to electricity retailers as the transmission system access service charges and customer billing determinants are finalized.
SOURCE Epcor Utilities Inc.
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