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AltaLink settles with customers to reduce expenses by more than C$80M

AltaLink LP's industrial and residential customers in Alberta are expected to save more than C$80 million during a three-year period.

Under a negotiated settlement for its 2019-2021 general tariff application, the Berkshire Hathaway Energy subsidiary agreed to reduce operating expenses by C$22.5 million and net sustaining capital expenditures by C$58 million over the period, according to an Aug. 6 news release.

"It's going to be a challenge for us to meet the goal to save more than [C]$80 million for customers but we're committed to making it happen," AltaLink President and CEO Scott Thon said.

The settlement also excludes AltaLink's proposed change to the method of funding salvage and certain capital programs. The agreement is subject approval by the Alberta Utilities Commission.

"Regulatory approval of our new salvage methodology is the final step to meet our objective of no rate increases for customers for five years," Thon said. "With our proposal, customers would keep an estimated [C]$267 million between 2019 and 2023, instead of paying in advance for future salvage activities."

AltaLink reported comprehensive income of C$12.2 million for the three months ended June 30, down from C$81.7 million in the same period. Revenue from operations also fell year over year to C$224 million from C$238.7 million.