Enmax declared its lowest dividend, to be paid to the City of Calgary, in four years in its 2025 financial results.

But the company and city council members hope it will mean more value for Calgarians by supporting infrastructure costs and lead to more sustainable fiscal planning.

Enmax presented its annual report to city council’s audit committee on Thursday. It declared a dividend of $64 million, which is a 47-per-cent drop from a record high $103-million mark the year prior, and the lowest dividend it’s declared since sending $62 million four years ago.

Last year’s dividend drop was the first time the total hadn’t risen from the previous year since its report in 2018.

Enmax is forecasting a small increase to $66 million next year.

Once the dividend is declared, it’s paid to the city on a quarterly basis. Calgary city council then decides how that money is used. Last year, council directed $20 million from the dividend to community amenity upgrades.

This year’s decreased dividend is the result of a new policy Enmax’s board approved last year, said the company’s president and CEO Mark Poweska. Instead of in-year earnings, the dividend is now based off a 10-year average, growing by steady, annual increases.

Poweska said the new policy gives Enmax more cash to invest in Calgary’s electrical infrastructure as the city grows.

“We are using the money that we’re earning and retaining to reinvest in the infrastructure in Calgary to ensure that you have long-term reliable power for the future,” said Poweska.

Councillor wants stability in Enmax dividends

Ward 6 Coun. John Pantazopoulos said he’s not concerned about the dividend drop, because the company’s new policy can lead to more sustainable fiscal planning. He said if the figure had continued to rise above $100 million, there would have been potential for a substantial unplanned drop in the future.

“What we want is stability. We don’t want to have a situation that goes from 100 to 60 to 200 to zero, and it bounces around, because we can’t manage a city like that,” said Pantazopoulos.

He said the money will go toward the city’s revenue, which will help support future infrastructure spending.

The overall value Enmax is providing is more important to Calgarians than a specific dividend figure, argued Mayor Jeromy Farkas. He questioned if the dividend amount paid out to the city was raised, but it resulted in higher rates for Calgarians, how much money this would save in the long term.

“You’re never going to have a mayor and council who are ever going to be fully satisfied with the extent of what the dividend is. For me, it’s very much focusing on making sure that we have good value for what Calgarians can pay,” said Farkas.

Farkas suggests Versant sale

On Thursday, Farkas again raised the suggestion that Enmax consider selling the U.S. energy company Versant Power.

Versant is an electricity provider in Maine that Enmax acquired in 2020 for $1.8 billion. Farkas recently suggested that funds from selling Versant could help cover costs associated with the Bearspaw feeder main replacement project.

Farkas added that Enmax should show how owning a U.S. company is providing value for Calgarians, and focus on investing at home.

“It just puts council in an awkward position where you’re being asked to serve almost two masters: balancing the needs of Calgarian ratepayers versus those half a world away,” said Farkas. 

But Poweska said Versant provides good value for the city. The dividend Enmax receives from Versant translates to part of what the utility company pays to the City of Calgary.

Poweska said the company’s board hasn’t discussed or analyzed divesting from Versant.

“It was a strategic investment to diversify out of a single regulatory jurisdiction, which we were in Calgary,” said Poweska. “And it continues to grow. It’s a good investment for us, and it does provide value back to the people of Calgary and to Enmax.”

Enmax primarily attributed increased earnings last year to better transmission and distribution margins for Versant Power. Enmax’s comparable net earnings increased to $440 million in 2025, compared to $343 million the year before.

Farkas said that while it’s an open question what council would like Enmax to do about Versant, there’s no proposal on the floor currently to suggest a sale.