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Capital investments, rate base growth drive ATCO, Canadian Utilities' earnings up

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Capital investments, rate base growth drive ATCO, Canadian Utilities' earnings up

ATCOLtd. and subsidiary Canadian Utilities Ltd. recorded growth in first-quarter2016 earnings due mainly to continued capital investments, an expanding ratebase within regulated utilities and businesswide cost reduction initiatives.

ATCO reported first-quarter 2016 adjusted earnings of C$121million, up from C$78 million in the same period in 2015. First-quarterearnings attributable to its class I and class II shares were C$109 million,compared with C$94 million in the prior-year period.

For the most recent quarter, ATCO invested C$364 million, ofwhich 76% went to its regulated utilities and in long-term contracted capitalassets.

ATCO declared a second-quarter dividend for 2016 of 28.50Canadian cents per class I nonvoting and class II voting share, whichrepresents a 15% increase from dividends declared in the same period a yearago.

Meanwhile, Canadian Utilities Ltd. posted first-quarteradjusted earnings of C$197 million, compared to C$130 million in first quarterof 2015. Earnings attributable to equity owners also grew to C$192 million fromC$174 million in the prior-year period.

The company invested C$343 million in the first quarter of2016, of which 80% went to its regulated utilities and in long-term contractedcapital assets.

Canadian Utilities declared a second-quarter dividend of32.50 Canadian cents per class A nonvoting and class B common share, representinga 10% increase over the dividends declared in the same period of 2015.