AltaGas has sufficient liquidity to fund future projects, says CEO

By Lisa Kerner

Charlotte, N.C., April 12 - AltaGas Ltd. has about C$1.4 billion of committed growth capital secured, said chairman and chief executive officer David Cornhill at the CIBC Energy & Infrastructure Conference in Toronto on Tuesday.

Cornhill noted that the company has "essentially" zero bank debt and a C$100 million debt maturity in January 2012, with ample liquidity to fund its 2011-2016 current committed capital program.

"I believe we are in the strongest position we've ever been in," he said of AltaGas.

And while 2010 was "challenging," Cornhill said the company accomplished quite a bit.

AltaGas has an enterprise value of C$3 billion and a debt-to-capitalization ratio of 43%.

The company is on track to double its 2010 EBITDA in 2016.

Cornhill outlined the three growth projects on the gas side, including Gordondale, Younger and Harmattan, as well as growth opportunities in AltaGas' power business, which includes gas-fired cogeneration and wind power projects.

AltaGas is an energy company based in Calgary, Alta.

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