Enmax diverts funds to meet Calgary's growth, slowing smart meter upgrades
As Enmax works to keep up with Calgary's population growth, it could mean some Calgarians will be waiting longer to get their old electricity meters upgraded.
In the board's annual general meeting with city councillors on Friday, CEO Mark Poweska said Calgary's growth has outpaced their projections.
And since the company asks the Alberta Energy Regulator for a certain amount of growth money for a five-year period — that funding is falling short.
"We recognize that it's important that we support the growth of the city. And so we're diverting capital to support that growth today," Poweska told CBC News after the meeting.
Much of that money was taken from Enmax's program to replace old electricity meters with smart meters across Calgary to modernize the electricity grid. The new meters allow control centres to see what's happening on the grid remotely.
"It's an important part of our future," said Poweska. "We are progressing towards that, it's just going to take a little bit longer as we've had to divert some capital to the growth."
According to the utility's website, roughly half of the meters in Calgary need to be replaced. Over 21,000 meters were replaced last year, said Poweska, but it will take longer to get the rest of the work done.
Mayor Jyoti Gondek said increased electricity demand will continue to be a challenge as more people move here.
"With advances in technology, AI, data centres, we are going to need a lot more electricity than we have," said Gondek.
She said she's optimistic to hear new federal Energy Minister Tim Hodgson make a commitment to work with companies like Enmax on electricity regulations and providing transmission across the country.
"If the federal government is willing to be a partner with us and really invest in the technology that we need for things like carbon capture, as well as offering things like smart meter technology, Enmax can go a long way towards future proofing itself."
Evolving to a regulated utility
Reflecting on 2024, Poweska said one of the highlights of last year was Enmax's progress on its renewed strategic focus — evolving to a regulated utility.
That means the company will be investing less in the competitive business, which includes energy generation, and more on aspects like wire infrastructure.
Ninety per cent of the utility's total capital expenditures last year were devoted to the regulated business, according to its 2024 financial report.
The move comes after years of Alberta residents sounding the alarm about volatile prices in the electricity market. It resulted in city council voting to change how its local access fee is calculated, and a provincial bill forcing the municipal government to move faster to make that change.
"The competitive business — it's a volatile business. You have up years and you have down years. Over the last couple of years, the commodity prices have been high and that part of business has been doing well," said Poweska.
But electricity prices are dropping, and Poweska said focusing on regulated business means greater stability in the long run.
"For Calgarians, this means confidence in the long-term sustainability of their utility and a reliable source of revenue for the city," he said in his speech.
As electricity prices soften and Enmax moves to becoming a regulated utility, Poweska said he isn't anticipating the City of Calgary — its sole shareholder — will see a repeat of its record $103 million dividend from last year.
"I think we've hit the peak, from a market perspective," said Poweska.
Additionally, according to its 2024 environmental, social and governance report, Enmax will need to make a "significant strategic investment" in its switch to a regulated utility, which could decrease the dividend in the short-term.
City council decides how the annual dividend to Calgary is spent. For example, councillors recently approved the mayor's motion to spend $20 million from the dividend on community amenity upgrades.
Coun. Evan Spencer, who chairs council's audit committee, said Enmax is making good changes.
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