Canadian Utilities Ltd -Q3-2021 Earnings, Price Target Update
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Canadian Utilities Limited (CU) operations in the electricity and natural gas utilities segment, and energy infrastructure primarily in Western Canada, with a growing presence in Australia and Mexico. The Utilities segment comprises 95% of earnings and Energy Infrastructure -5%. Utilities consist of four regulated utilities (Electricity Transmission and Distribution, and Natural Gas Transmission and Distribution) in Alberta, Saskatchewan and northern regions of Canada, that have delivered reliable electricity and natural gas to customers for many decades, a regulated natural gas distribution business in Western Australia, and the newly formed International Electricity Operations business in Puerto Rico, which includes Canadian Utilities' 50% ownership in LUMA Energy. The Energy Infrastructure segment includes non-regulated businesses include: hydro, solar and natural gas electricity generation in western Canada, Australia, Mexico, and Chile, as well as non-regulated electricity transmission, natural gas storage and transmission, Natural Gas Liquids (NGL) storage, and industrial water services in Alberta.
Total assets were $20.5B as at Sept-30-2021 compared to 20B as of Dec-31-2020. During 2019 approximately $2.8B of power generation assets, mainly natural gas and coal fired facilities in Alberta were sold, the proceeds being used to fund annual capital spending in the $3.2B range for 2021-2023.
Canadian Utilities Ltd. is 52% owned by Atco Ltd.(ACO.A,B). Class A shareholders are entitled to exchange their shares for Class B shares if ATCO Ltd., the controlling share owner, ceases to own or control, more than 10M of Class B shares. As of Sept-30-2021 there were 196.5M Class A shares and 72.8M Class B shares. The Class A shares are non-voting shares.
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