Despite a power outage last summer that cost ENMAX Corporation $20-million, the city-owned utility told shareholders today that it is in a strong financial position.

Several power plants went off-line on the same day during a heatwave in July 2012.

ENMAX was relying on one of those plants to provide power to its customers.

The CEO of the city-owned utility, Gianna Manes, said finding the electricity elsewhere cost a lot of money.

"On a day where the demand was high, prices in the market went up and we had to go buy that power in the market to supply our customers." 

ENMAX was still able to pay a dividend of $67-million to the city of Calgary.

Manes said this year's earnings are already adversely affected because another power plant ENMAX relies on unexpectedly went down this spring for several months due to a mechanical issue.

Shepard plant

ENMAX remains $1.6-billion in debt but Mayor Naheed Nenshi said he is still confident about the utility's financial position, now that the utility has sold 50 per cent interest in its Shepard plant.

"Now that we have concluded the deal with Capital Power, even the debt number, which is the number that was a little bit concerning  … I'm starting to get a lot more comfortable with it," said Nenshi.

The Shepard power plant, which will be large enough to provide electricity to half of Calgary, will open in 2015.