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EPCOR Utilities

EPCOR Utilities Inc. is a municipally owned utility company headquartered in , , , that provides essential infrastructure services including distribution, transmission and distribution, , and management to residential, commercial, and industrial customers across . The company operates in four Canadian provinces—, , , and —and three U.S. states—, , and —serving approximately 2 million customers in 180 communities as of 2024. Founded in 1891 as the Edmonton Electric Lighting and Power Company, EPCOR traces its origins to Canada's first municipally owned , established in 1902, and expanded into water services in 1901. In 1996, the modern EPCOR Utilities Inc. was formed through the merger of 's natural gas, power, and water utilities, marking the first such integration in and introducing the EPCOR brand. The company divested its power generation assets in 2009 to create Corporation, refocusing on regulated distribution and transmission operations. EPCOR's expansion into the began in 2011 with the acquisition of Water Company in , followed by further growth through purchases such as Johnson Utilities in 2021, establishing it as a key provider of and services in the Southwest. Today, as a wholly owned by the of , EPCOR emphasizes sustainable infrastructure development, including recent projects like the 2024 Demineralized Plant in and services for Samsung's $17 billion facility in announced in 2023. In 2025, EPCOR became the first provider to receive a new 100-year Assured Water Supply designation in 's Active Management Area. The company's mission centers on delivering clean and safe, reliable energy through innovation and operational expertise.

Overview

Company profile

EPCOR Utilities Inc. is a diversified utility company that provides and and services across , as well as services in . Headquartered in , , , the company employs over 3,600 people, including approximately 600 in the United States, and serves more than two million customers. As a wholly owned of the of , EPCOR operates primarily in regulated segments subject to oversight by provincial and municipal authorities, alongside some non-regulated activities. The company's total assets stood at $16.6 billion as of the third quarter of 2025, reflecting its substantial investments in . For the nine months ended September 30, 2025, EPCOR reported revenues of $2.185 billion, supporting ongoing capital expenditures of $779 million in that period to maintain and expand its operations. In June 2025, EPCOR completed the divestiture of its utility to SiEnergy, serving 6,900 customers, refocusing U.S. operations on and services. EPCOR traces its roots to 1891 as the electric utility for the City of , evolving into a multifaceted provider focused on reliable, sustainable .

Ownership and governance

EPCOR Utilities Inc. is wholly owned by the City of , which has maintained 100% ownership since the company's incorporation in 1995 as a under City Bylaw 11071. This structure positions EPCOR as a municipally owned entity focused on , with the City serving as the sole shareholder without direct operational involvement. Governance is led by an independent appointed by the City of , which holds full authority to oversee strategy and operations while operating separately from municipal government. The board, chaired by Janice Rennie as of 2025, includes members such as Richard Cruickshank, Leontine van Leeuwen-Atkins, , Valerie Berger, and others, ensuring diverse expertise in utilities, , and . Day-to-day leadership is provided by President and Chief Executive Officer John Elford, who assumed the role in May 2023 and reports to the board. EPCOR's operations in Canada fall under the regulatory oversight of the Alberta Utilities Commission (AUC), which approves rates, ensures compliance with service standards, and reviews major projects for , , and services in . In the United States, where EPCOR provides and services, oversight is handled by state-specific commissions, such as the (ACC), which sets rates and monitors service quality for utilities like EPCOR Water Arizona Inc. As part of its governance commitments to sustainability and Indigenous reconciliation, EPCOR has pursued partnerships that support community development and environmental stewardship, exemplified by its 2024 collaboration with the Des Nedhe Group—a development arm of the English River First Nation—to build a water treatment facility at Grasswood Junction in Saskatchewan, fostering economic opportunities and skills training for First Nations members.

History

Origins and early development

EPCOR Utilities traces its origins to October 23, 1891, when a group of entrepreneurs received a 10-year permit to establish the Edmonton Electric Lighting and Power Company on the banks of the in , . This marked the beginning of organized provision in the region, with the company's first coal-fired powering Edmonton's inaugural electric lights, installed along between 96th and 103rd Streets, activated on December 22, 1891. The venture was initiated by local pioneers, including Alex Taylor, amid Edmonton's growth as a town following the arrival of the and Edmonton Railway. In 1901, the company expanded into water services, becoming Edmonton's first water provider and laying the groundwork for integrated utility operations. The following year, on May 8, 1902, the City of acquired the Edmonton Electric and Power Company for $13,500, transforming it into Canada's first municipally owned . This shift to public ownership reflected growing civic demands for reliable services in the burgeoning city. Concurrently, key infrastructure emerged, including the establishment of the Rossdale Power Plant and an adjacent water pumping station in 1902 at the Rossdale Flats east of Walterdale Bridge. The Rossdale facility became operational in 1907 with an initial generating capacity of 675 kW from coal-fired boilers, while the first water treatment plant, featuring a pumphouse and sedimentation , was constructed there in 1903 to support piped serving initial customers. By the mid-20th century, the utility had evolved into the Edmonton Power Corporation, formalized in 1970 through the merger of the city's Electrical Distribution and Power Plant departments. Post-World War II expansions addressed surging demand from population growth and industrialization; for instance, Rossdale's capacity increased from 38,000 kW in 1943—bolstered by new turbines and boilers amid wartime shortages—to 60,000 kW by 1950, and further to 180 MW by 1959 with the addition of gas turbines. Water infrastructure also advanced, with the 1954 expansion of the Rossdale pumping station to include three 60-inch intake pipes, and the commissioning of the Rossdale #3 Water Treatment Plant in 1967, which introduced fluoridation. These developments underscored the utility's role in supporting Edmonton's transformation from a town of under 5,000 in 1901 to over 260,000 residents by 1959.

Formation and Canadian expansion

EPCOR Utilities Inc. was formed in 1996 through the merger of Edmonton's municipal utilities, including for electricity, the city's operations, for and , and Eltec for commercial electrical services, creating the first integrated , , and in . This consolidation built on the city's electric origins dating back to 1891, enabling a unified approach to operations under municipal ownership. The EPCOR brand was introduced shortly thereafter to represent this integrated entity. Following its formation, EPCOR expanded within by acquiring additional distribution assets and extending services to surrounding regions, such as rural franchises and commercial operations, to capitalize on the province's deregulated introduced in 1996. In , EPCOR entered the water market in 2005 through a public-private for the Water Treatment Plant and further expanded in 2006 with the Britannia Mine Water Treatment Plant, a collaborative project with the provincial government to remediate drainage and improve water quality in . These initiatives marked EPCOR's initial foray beyond , focusing on water infrastructure in . By the early , EPCOR had grown its Canadian footprint to include operations across multiple provinces while maintaining a focus on regulated utility services. In 2018, EPCOR entered the market by acquiring Collus Power Corporation, establishing EPCOR Ontario as an electricity distributor serving communities like Collingwood, Stayner, and the Blue Mountains in . This acquisition added approximately 20,000 electricity customers and supported EPCOR's strategy of geographic diversification within . Key milestones during this period included early efforts, such as EPCOR's participation in Alberta's developments in the 2000s and planning for integration, aligning with provincial incentives for clean energy. In 2016, EPCOR commemorated its 125th anniversary with public events, including a special illumination of Edmonton's High Level symbolizing the utility's enduring role in power and water .

U.S. entry and recent growth

EPCOR's entry into the U.S. market began in 2011 with the acquisition of City Water Company, a serving approximately 13,000 customers in , for $35 million from American States Water Company. This transaction, approved by the in April 2011, marked EPCOR's initial foray into the American water sector and established a foothold in the Southwest. The company expanded its U.S. presence significantly in 2021 through the acquisition of Johnson Utilities, which provided water and services to over 16,000 connections in the San Tan Valley area of . This $70 million deal, finalized in January 2021, addressed longstanding infrastructure challenges in the region and integrated Johnson into EPCOR's operations as EPCOR San Tan Water and districts. In 2022, EPCOR advanced its infrastructure development with the start of construction on the Copper Basin Water Reclamation Facility in San Tan Valley, a $80 million project designed to treat up to 3 million gallons of daily using advanced to replace an outdated system. The facility achieved substantial completion in early 2024, enabling operations to serve around 14,000 customers and add 1 billion gallons of annually. Concurrently, EPCOR commissioned the kīsikāw pīsim solar farm in , , in fall 2022, featuring 30,350 panels to generate 13.6 MW of , offsetting about half the electricity needs of the adjacent E.L. Smith Water Treatment Plant and reducing by an estimated 14,000 tonnes annually. In 2023, EPCOR was selected to design, build, and operate water supply, treatment, and reclamation services for Samsung's $17 billion semiconductor fabrication facility in Taylor, Texas, supporting the plant's high-purity water demands through a new reclamation facility known as Project Blue Sky. This partnership positioned EPCOR at the center of Texas's growing semiconductor industry. The following year, in 2024, EPCOR and Ontario Power Generation opened the Demineralized Water Plant at the Darlington Nuclear Generating Station in Ontario, a facility entered into service that year under a 30-year agreement to supply ultra-pure water for nuclear operations, enhancing EPCOR's specialized water treatment capabilities. By 2025, EPCOR continued its strategic adjustments with the sale of its utility, EPCOR Texas Gas, to SiEnergy Operating—a of —for $60 million, a transaction that closed in June and allowed EPCOR to focus on core and operations while projecting a $46 million rate base for the divested assets by year-end. Quarterly financial filings throughout 2025 reflected sustained growth, with adjusted EBITDA rising to $289 million in Q1 (up from $260 million in Q1 2024), reaching $103 million in Q1 and increasing further in subsequent quarters due to higher rates and customer growth, and capital expenditures totaling $779 million in the first nine months—a 15% year-over-year increase driven by infrastructure investments.

Operations

Electricity services

EPCOR Utilities delivers transmission and services across , with a primary focus on the metropolitan area and surrounding regions, serving approximately 9% of the province's total needs. Through its EPCOR Distribution & Transmission Inc., the company maintains a regulated in these areas, handling the safe and reliable delivery of from the provincial to end-users without involvement in generation activities. Following the 2009 spin-off of its generation assets to Corporation, EPCOR has concentrated exclusively on transmission to the Alberta Electric System Operator (AESO) and local distribution. The company's electricity infrastructure encompasses 7,661 kilometers of primary distribution lines and 200 kilometers of lines (as of 2022), supporting connections to 32 substations in the service territory alone. In specifically, this network includes 6,890 kilometers of primary electrical distribution lines that serve 401,695 residential customers and 40,340 non-residential accounts, encompassing commercial and industrial segments. EPCOR integrates sources into its operations to enhance grid reliability and , exemplified by the 13.6 MW kīsikāw pīsim solar farm completed in 2022, which features 30,350 panels and a 4 MW storage system for managing loads and reducing emissions. In 2025, EPCOR is advancing reinforcement projects, including the City of Reinforcement to add new lines and a substation in northeast to meet growing demand. Operations are governed by the Utilities Commission (), which oversees rate approvals, facility expansions, and compliance with reliability standards. The reviews and approves annual and tariffs, including adjustments for 2025 that reflect cost recovery for maintenance and growth. EPCOR's strategy for 2025-2028 prioritizes regulated investments in and upgrades, such as reinforcing lines and substations to accommodate rising demand and renewable interconnections, as part of a broader program exceeding $4 billion across its utilities.

Water and wastewater services

EPCOR Utilities delivers essential , treatment, and distribution services, alongside collection and treatment, across multiple regions in and the , serving more than 1.7 million people. These operations encompass sourcing , advanced purification processes to meet regulatory standards, extensive distribution networks via pipelines and reservoirs, and comprehensive handling from collection systems to advanced biological and chemical treatments that protect and the . EPCOR emphasizes reliable access to clean while managing to minimize environmental impact. A cornerstone of EPCOR's Canadian operations is the Gold Bar Wastewater Treatment Plant in , , which opened in 1956 and has undergone continuous upgrades to incorporate cutting-edge technologies for nutrient removal and energy recovery from solids. This facility processes from over 800,000 residents daily, producing effluent that exceeds provincial standards set by and Protected Areas, and it remains one of North America's most advanced plants. In the United States, EPCOR's and services expanded significantly following the 2021 acquisition of Utilities in , now enabling service to approximately 780,000 people across 42 communities through improved and under the . Recent expansions highlight EPCOR's commitment to growth and innovation in water infrastructure. In 2022, construction began on the Copper Basin Water Reclamation Facility in Pinal County's , designed to treat for 14,000 customers and reclaim over one billion gallons of annually for , replacing an outdated lagoon system to enhance reliability and reduce overflow risks. The 2023 Sandow Water Project in supports industrial needs by treating for Samsung's facility in , delivering through a dedicated supply system while incorporating reclamation to promote . In 2024, EPCOR partnered with the Nedhe Group, representing interests, to develop a facility at Grasswood, , fostering economic participation in sustainable delivery under provincial oversight. In October 2025, EPCOR achieved Arizona's first Alternative Designation of Assured , securing long-term protections for growth in its service areas, including capacity for 60,000 new homes. Sustainability is integral to EPCOR's water and wastewater practices, with initiatives focused on conservation, efficient resource use, and stormwater management to address climate challenges. Programs like the RainWise Stormwater Rebate in Edmonton incentivize residential measures such as rain barrels and downspout disconnections to reduce runoff and flood risks, while the broader Drought Resiliency Plan promotes water reuse, green infrastructure, and watershed protection across operations. These efforts, regulated by bodies including Alberta Environment and the Arizona Department of Environmental Quality, aim to conserve millions of gallons annually and ensure long-term water security for served communities.

Natural gas services

EPCOR Utilities provides distribution and related services to residential, commercial, and industrial customers, primarily in with a historical presence in the United States. In , operations focus on safe and reliable delivery through distribution systems in regions such as , serving thousands of customers across more than 30 communities. These services include the design, construction, financing, and operation of , encompassing both developments and acquisitions of existing assets. Prior to 2025, EPCOR's U.S. operations centered on its subsidiary, EPCOR Texas Gas, which distributed gas to approximately 6,900 metered connections in 12 communities northeast of via a network of 353 miles (approximately 568 kilometers) of . This system supported bundled utility offerings where EPCOR also provided and services, allowing customers to consolidate billing and access integrated solutions. Key to these operations was a commitment to , achieved through the use of odorants like methyl mercaptan added to natural gas for , alongside regular pipeline integrity assessments and public education on recognizing potential hazards such as dead vegetation or disturbances near lines. In May 2025, EPCOR announced the sale of EPCOR Gas to SiEnergy Operating, a of Northwest Natural , for $60 million, with the transaction closing in the second quarter. This divestiture, which transferred the aforementioned assets and customer base, enabled EPCOR to concentrate resources on its Canadian operations, particularly in expanding initiatives such as upgrading and injection systems. In , where EPCOR offers natural gas retail services through its Encor brand alongside electricity distribution, the company supports bundled options for customers while adhering to provincial market rules. EPCOR's natural gas activities are subject to stringent regulatory oversight to ensure reliability and public safety. In Alberta, the Alberta Utilities Commission (AUC) governs aspects of the retail energy market, including code of conduct compliance for competitive services. Ontario operations fall under the Ontario Energy Board (OEB), which approves rates and monitors distribution systems, as seen in recent applications for 2025 rate adjustments. Formerly, Texas activities were regulated by the Railroad Commission of Texas (RRC), emphasizing pipeline safety programs. Across jurisdictions, EPCOR integrates energy transition planning, prioritizing low-emission alternatives like renewable natural gas to align with broader sustainability goals.

Corporate structure

Subsidiaries and operating companies

EPCOR Utilities Inc. serves as the parent company for a network of wholly owned subsidiaries that operate across regulated and non-regulated segments, focusing on , , , and related services in and the . These entities are structured to handle specific regional and functional responsibilities, with regulated subsidiaries subject to oversight by provincial or state utility commissions, while non-regulated ones pursue competitive market opportunities. Among the primary regulated subsidiaries, EPCOR Distribution and Transmission Inc. manages the transmission and distribution of electricity and primarily in , , and surrounding areas, ensuring reliable delivery to residential and commercial customers. EPCOR Water Services Inc. oversees , distribution, and wastewater collection and treatment operations in and nearby Canadian communities, integrating these services into the broader municipal . In the U.S., the Regulated U.S. Water Operations subsidiary handles similar water and wastewater functions in and , serving multiple communities through acquired systems such as the former Utilities assets. EPCOR Ontario Inc. operates as a key regional subsidiary in , providing electricity distribution services to communities in , including Collingwood, Stayner, , and parts of the Blue Mountains. For non-regulated activities, EPCOR Commercial Services Inc., operating under the broader n Commercial Services umbrella, delivers design, build, finance, operation, and maintenance solutions for , , , and infrastructure to clients across . EPCOR Technologies supports in this space, offering fiber optic solutions and underground residential distribution equipment. Notably, EPCOR divested its natural gas operations, known as EPCOR Texas Gas, to SiEnergy Operating in June 2025, allowing the company to streamline its focus on core and segments. This divestiture reflects ongoing adjustments to the corporate structure while maintaining integration under EPCOR Utilities Inc. for coordinated oversight and strategic alignment.

Financial performance

EPCOR Utilities reported of $132 million for the third quarter of 2025, a slight increase from $131 million in the same period of , driven by higher transmission system access service charge net collections and gains on disposals, though partially offset by higher and adjustments. For the first nine months of 2025, rose to $386 million from $339 million in , supported by growth in regulated margins and additions, alongside rate approvals that enhanced revenue stability. Adjusted EBITDA for the nine-month period increased to $921 million from $860 million, reflecting stronger performance in regulated operations despite elevated operating costs. The company announced a 2.5% increase in its annual dividend to the City of , rising from $201 million in 2025 to $206 million in 2026, announced on November 5, 2025, underscoring confidence in sustained earnings growth from regulated utilities. Capital expenditures reached $779 million in the first nine months of 2025, up 15% from $680 million in the prior year, with full-year 2025 plans exceeding $1 billion directed toward regulated investments in electric transmission upgrades and water infrastructure to support reliability and community expansion. EPCOR's total assets stood at $16.6 billion as of the third quarter of 2025, with loans and borrowings at $5.1 billion, reflecting a projected to average 5.2 times during 2025-2027. In September 2025, assigned an 'A' rating to the company's senior unsecured notes, affirming its strong profile amid sizable capital programs and stable regulated cash flows. A key trend in 2025 was the divestiture of EPCOR's natural gas utility to SiEnergy Operating for $60 million, completed in the second quarter, which generated proceeds to redirect toward higher-growth regulated water opportunities and reinforced the company's emphasis on stable, regulated revenue streams.

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