ENMAX

What ENMAX does

ENMAX Corporation is a Calgary-based, vertically integrated energy provider founded in 1905 and wholly-owned by the City of Calgary. It operates across the full energy value chain through three core subsidiaries: ENMAX Power Corporation (regulated electricity distribution serving Calgary and parts of Rocky View County and Tsuut'ina Nation with over 600,000 meters and Advanced Metering Infrastructure deployment), ENMAX Generation Portfolio Inc. (competitive power generation), and ENMAX Energy Corporation (retail electricity and natural gas supplier operating under the Easymax brand across most of Alberta and as Rate of Last Resort provider in Calgary, Red Deer, Ponoka, and Cardston). ENMAX's product portfolio centers on fixed and floating rate plans with 1-5 year terms under Easymax, with add-on modules including Easymax Seasonal Solar (a 35¢/kWh premium export rate for micro-generators) and Easymax Evolve (renewable energy certificates and carbon offsets), plus residential and commercial solar programs, distributed energy resource interconnection, outage management, meter services, and tariff administration.

ENMAX generates revenue through a mix of regulated distribution tariffs approved by the Alberta Utilities Commission (subscription/recurring), competitive power generation sales into the Alberta market (usage-based), retail energy supply under Easymax plans and the Rate of Last Resort (subscription/recurring plus monthly floating usage-based billing), and limited professional services revenue from its Baker Hughes Cordant Asset Strategy reliability program. The go-to-market is primarily direct-to-consumer via the company's digital channels (enmax.com, myaccount.enmax.com), supplemented by a call centre and live chat, with community sponsorships (Calgary Stampede since 2002, ENMAX Amplifier Fund) used for brand-building. Customer segments span residential, commercial/business, distributed energy resource operators, and internal utility asset operations.

In 2020, ENMAX acquired Versant Power in Maine for $1.8 billion, extending operations into the United States. In 2025, ENMAX reported comparable net earnings of $440 million CAD (up 28% YoY), adjusted EBIT of $1.055 billion CAD (up 14% YoY), $559 million in grid investment across Alberta and Maine, and a reduced dividend of $64 million to the City of Calgary (down from $103 million). The company employs between 5,001 and 10,000 people and maintains a 90.4% customer satisfaction rate at ENMAX Energy and 93% at Versant Power.

Name

ENMAX

Legal name

ENMAX Corporation

Website

https://enmax.com

Company type

Private

Founded year

1905

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ENMAX Corporation is Calgary's municipally-owned, vertically integrated energy provider, operating regulated electricity distribution, competitive power generation, and retail energy supply (Easymax) across Alberta, with US operations via Versant Power in Maine.

Ownership category

akta.pro rank

Product category

Electric Utility Services

NAICS

Electric Power Transmission, Control, and Distribution (22112)

SIC

Natural Gas Transmisison & Distribution (4923)

akta.pro industry

PRIMARYEUAGABAB

Competitive Retail Electricity Supply (Residential & SMB)

Energy, Utilities & Environment/Energy Trading, Marketing & Retail Supply/Retail Energy Supply (Residential & SMB)

SECONDARYEUAGABAC

Competitive Retail Natural Gas Supply (Residential & SMB)

Energy, Utilities & Environment/Energy Trading, Marketing & Retail Supply/Retail Energy Supply (Residential & SMB)

SECONDARYEUAGABAD

Dual-Fuel Retail Supply (Electric + Gas Bundles)

Energy, Utilities & Environment/Energy Trading, Marketing & Retail Supply/Retail Energy Supply (Residential & SMB)

SECONDARYEUAGAFAE

Green Power Retailing & Bundled Supply (Energy + Certificates)

Energy, Utilities & Environment/Energy Trading, Marketing & Retail Supply/Green Power & Renewable Certificates Trading (RECs, GoOs, I-RECs)

SECONDARYEUAAADAF

Aggregator/Brokered Natural Gas Sales (Brokers, Marketers, Aggregators)

Energy, Utilities & Environment/Bioenergy, Natural Gas & Biomass/Natural Gas Utilities & Retail Supply (Marketing & Sales)

Keywords

• Electric utility services
• Regulated power distribution
• Retail electricity supply
• Solar energy programs
• Natural gas retail

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Regulated Wire Services: ENMAX Power Corporation operates as a regulated wires company, providing electricity transmission and distribution services in Calgary and parts of Rocky View County and Tsuut'ina Nation. Revenue is derived from distribution tariffs approved by the Alberta Utilities Commission (AUC), which recover costs for maintenance, repair, and development of electrical infrastructure.
2. Competitive Power Generation: ENMAX Energy Corporation and ENMAX Generation Portfolio Inc. operate as competitive power generators, developing natural gas and renewable generation assets to sell electricity into the Alberta market.
3. Retail Energy Sales (Easymax): ENMAX Energy sells electricity and natural gas retail plans under the Easymax® brand across most of Alberta. Customers choose between fixed-rate plans (1, 2, 3, or 5-year terms) or floating rates with transaction fees. The Rate of Last Resort is also provided in Calgary, Red Deer, Ponoka, and Cardston.
4. Digital Reliability Services: ENMAX partnered with Baker Hughes to implement the Cordant™ Asset Strategy reliability program, achieving approximately $13 million in risk avoidance. The company is expanding into Baker Hughes's full Cordant™ suite including Asset Health as a Service.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

ENMAX makes, moves, and sells electricity and natural gas through three integrated business units: ENMAX Power Corporation (regulated transmission and distribution), ENMAX Energy Corporation and ENMAX Generation Portfolio Inc. (competitive generation), and ENMAX Energy (retail). Core retail products are sold under the Easymax® brand with fixed or floating rate options in 1, 2, 3, or 5-year terms to residential and commercial customers across most of Alberta, plus Rate of Last Resort service in Calgary, Red Deer, Ponoka, and Cardston.

Product overview

ENMAX is Calgary's wholly-owned electricity utility operating across the energy value chain as a regulated wires company (ENMAX Power), competitive power generator (ENMAX Energy), and energy retailer. The core product portfolio centers on the Easymax® brand—retail electricity and natural gas plans with fixed or floating rate options in 1, 2, 3, or 5-year terms for residential and business customers. The Easymax platform includes add-on modules such as Easymax Seasonal Solar™ (premium 35¢/kWh export rate during sunny months) and Easymax Evolve (renewable energy certificates and carbon offsets). Solar offerings encompass home and business programs with installer connections and micro-generation credits. Supporting services include outage management, meter reading and replacement, distributed energy resource interconnection, site energization, and tariff administration. The company also operates Versant Power, a US subsidiary in Maine. Community initiatives include the ENMAX Amplifier Fund grant program.

Differentiator

Problem solved

Functional benefit

Brands

• Easymax®: Retail electricity and natural gas plan brand offering fixed and floating rate options for residential and business customers.
• ENMAX Amplifier Fund
• Cordant™

Products and services

• Easymax® for Home

Quantifiable outcome

• Reduced GHG emissions by 68% from 2015 baseline by 2025
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Baker HughescoreTechnology or IntegrationENMAX partnered with Baker Hughes to implement the Cordant™ Asset Strategy, a data-driven reliability program. The program achieved approximately $13 million in risk avoidance against $14.7 million in recommendations generated, surpassing an initial $4–7 million savings target with 89% of recommendations accepted. ENMAX is expanding its digital reliability initiative by exploring Baker Hughes's full Cordant™ suite, including Asset Health as a Service.
• Calgary Chamber of CommerceminorGTM or Marketing PartnerENMAX partners with the Calgary Chamber of Commerce on the ENMAX Amplifier Fund, awarding $25,000 grants to small/medium Calgary businesses with innovative solutions. In 2026, Gradient Thermal Inc. received the award for residential heating innovation.
• Versant PowercoreStrategic or Co-development PartnerVersant Power is ENMAX's wholly-owned US subsidiary based in Maine, acquired in 2020 for $1.8 billion. It generated $47 million in comparable net earnings and $230 million in infrastructure investment in 2025. Erica Young, formerly EVP at ENMAX Energy, became Versant Power President effective May 1, 2026.
• Calgary StampedecoreGTM or Marketing PartnerENMAX has been a proud sponsor of the Calgary Stampede since 2002. In 2026, ENMAX expanded its partnership to become title sponsor of the ENMAX Relay Races, presenting sponsor of Caravan Breakfasts, and sponsor of Community Round Up and Pop-Up Neighbour Program. ENMAX also serves as Official and Exclusive Retail Supplier of electricity and natural gas for Stampede Park facilities.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Just Energy: Retail electricity and natural gas provider operating across multiple Canadian deregulated markets including Alberta. Direct competitor to ENMAX Energy's retail offerings on price-driven residential and SMB segments.
• FortisAlberta: Alberta's largest electricity distribution franchise, operating as a regulated wires utility across central and southern Alberta. Directly comparable to ENMAX Power Corporation on regulated T&D operations and rate base scale.
• ATCO Energy: Competitive retail electricity and natural gas provider operating across Alberta's deregulated market. Directly competes with ENMAX's Easymax brand for residential and small business customers on price and plan features.
• EPCOR Utilities: Edmonton-based vertically integrated water, wastewater, and electricity utility serving Alberta. Most directly comparable to ENMAX in scope of regulated wires, competitive generation, and retail energy offerings within the same provincial market.
• Direct Energy (NRG Energy): Major competitive retail electricity and natural gas supplier operating across North America, including Alberta. Competes head-to-head with Easymax on residential fixed and variable rate offers.

Broad incumbents

• Emera Incorporated: Canadian diversified energy company with regulated electric and gas utilities across North America (Nova Scotia, Maine, Florida). Comparable to ENMAX's vertically integrated utility structure and US subsidiary footprint via Versant Power in Maine.
• Hydro-Québec: Vertically integrated Canadian provincial utility with generation, transmission, and distribution. Comparable in vertical integration and regulated wires-plus-generation model, though serving Quebec rather than Alberta.
• Capital Power Corporation: Edmonton-headquartered independent power producer with Alberta generation assets including natural gas and renewables. Comparable to ENMAX's ENMAX Energy Corporation on competitive generation operations within Alberta.
• TransAlta Corporation: One of Canada's largest power generators with significant Alberta generation assets, including natural gas, wind, and hydro. Overlaps with ENMAX's competitive generation business and Alberta market participation, though focused on wholesale rather than retail.

Others

• Versant Power: ENMAX's wholly-owned Maine electric T&D subsidiary acquired for $1.8B in 2020. Not an external peer but the most directly comparable US electric distribution utility asset within ENMAX's own portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/enmaxsolar
• Facebookfacebook.com/enmaxsolar
• LinkedInlinkedin.com/company/enmax

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ENMAX