CU Inc.'s Earnings Increased by Tax Reversal

Alberta Power (2000) Ltd. (Alberta Power), a subsidiary of CU Inc., has received
confirmation from the Tax Court of Canada ordering Canada Revenue Agency (CRA)
to reverse its 2006 reassessment of Alberta Power's 2001 tax return.


The impact of the judgment is a $13.7 million recovery of income tax and related
interest expense reassessed by CRA in 2006. In addition, Alberta Power will
receive interest income of approximately $3.1 million earned on such amounts
paid to CRA. These adjustments will result in a $16.8 million increase in
earnings. CRA will be required to refund to Alberta Power approximately $28.0
million including interest and net of consequential adjustments to other
taxation years arising from the judgment.


The reassessment treated the proceeds received from the sale of the H.R. Milner
generating plant to the Alberta Balancing Pool as income rather than as a sale
of an asset. Alberta Power successfully argued that its treatment of the
proceeds as a capital receipt was correct.


CU Inc. is a wholly owned subsidiary of Canadian Utilities, part of the ATCO
Group of Companies. CU Inc. is an Alberta-based corporation with assets of
approximately $6.5 billion and more than 4,000 employees and is comprised of two
main business divisions: Utilities (pipelines, natural gas and electricity
transmission and distribution), and Energy (power generation). More information
about CU Inc. can be found on the Canadian Utilities Limited website at
www.canadian-utilities.com.


Forward-Looking Information:

Certain statements contained in this news release may constitute forward-looking
information. Forward-looking information is often, but not always, identified by
the use of words such as "anticipate", "plan", "estimate", "expect", "may",
"will", "intend", "should", and similar expressions. Forward-looking information
involves known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking information. The Corporation believes that the expectations
reflected in the forward-looking information are reasonable, but no assurance
can be given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied upon. Any
forward-looking information contained in this news release represents the
Corporation's expectations as of the date hereof, and is subject to change after
such date. The Corporation disclaims any intention or obligation to update or
revise any forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable securities
legislation.

CU (TSX:CIU.PR.A)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024