Enmax announces $103 million dividend for Calgary

Enmax, the city-owned utility in Calgary, reported a record dividend of $103 million for 2024, up from $94 million last year. The increase follows a nine percent rise in comparable net earnings to $316 million. The growth in earnings was attributed to higher transmission and distribution margins, as well as an increase in retail customers. Despite lower electricity prices in Alberta, Enmax's diverse operations contributed to its financial success. The annual dividend has been rising since 2022, when the city council directed Enmax to provide greater returns. The dividend has increased from $82 million in 2023 to $95 million last year, reaching a new high this year.