AltaLink Q2 profit rises to $49 million, revenue also higher

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CALGARY – Alberta electric utility AltaLink says it had $49 million of net income before taxes in the second quarter, up from $33.4 milion a year earlier.

The limited partnership, partly owned by Montreal-based SNC-Lavalin (TSX:SNC), said its revenue was $168.5 million, up from $117.5 million a year earlier.

SNC has agreed to sell its portion of AltaLink for $3.2 billion to Berkshire Hathaway Energy, which has committed to invest at least $27 million over five years on development opportunities in Canada and the United States.

The deal requires approval from the Alberta Utilities Commission.

AltaLink owns more than half of Alberta’s transmission grid — about 12,000 kilometres of transmission lines, as well as 280 substations, delivering electricity to about 85 per cent of the province’s population.

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