Essentially stronger -1999 EPCOR annual report

This annual report provides details of the financial operations of EPCOR, the newly formed utility, combining together three essential elements of modern living --electric power, water and natural gas-- as a single entity. In addition to this report on financial management, there are two companion reports on environmental performance entitled Essential Balance', and on contributions to the community with the title of 'Essential Spirit'. While this report focuses on the Corporation's financial performance, it also provides a summary on the Corporation's growth, operational excellence, regulatory matters, environmental achievements and management of the Corporation's people resources. The financial report includes the customary consolidated financial statements, the auditor's report, and management's discussion and analysis of the financial report. Revenues for 1999 totalled just over one billion dollars ($978 million in 1998); net income was $116 million ($121 million in 1998); operating expenses were higher than in 1998 ($765 million versus $642 million) due to higher natural gas prices; capital spending was $198 million, compared to $153 million in 1998. Operations, maintenance, and administrative costs were also higher in 1999 due to higher employee costs across the EPCOR Group, one-time costs associated with EPCOR's master branding initiative, Y2K testing and remediation, and increased business development costs