Canadian Utilities Limited (TSX:CU)(TSX:CU.X) - 

Canadian Utilities today reported first-quarter adjusted earnings of $186
million in 2014 compared to $180 million in 2013.


Increased adjusted earnings in the first quarter were due to continued capital
investment by the Utility companies. ATCO Electric, ATCO Gas and ATCO Pipelines
collectively invested $506 million in electricity and natural gas transmission
and distribution facilities to support the continuing growth in the province and
replace aging infrastructure. Canadian Utilities earns a regulated rate of
return on its utility capital investment and expects to spend $2 billion in 2014
on a number of projects, the largest of which is the Eastern Alberta
Transmission Line.


The Energy segment also achieved a 20 per cent increase in adjusted earnings
compared to the same period in 2013 mainly due to higher natural gas and propane
prices.


Earnings attributable to equity owners were $221 million for the quarter ended
March 31, 2014 compared to $183 million in the same period of 2013. Adjusted
Earnings will differ from earnings attributable to equity owners because of the
timing of recoveries from or refunds to customers of amounts that are deferred
by the Utilities for regulatory purposes; however, over time there is no
difference.


Canadian Utilities declared a second quarter dividend for 2014 of 26.75 cents
per Class A non-voting and Class B common share. Canadian Utilities' annual
dividend per share has increased for 42 consecutive years.


FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS

A financial summary and reconciliation of adjusted earnings to earnings
attributable to equity owners is provided below:




                                                            For the Quarter 
                                                             Ended March 31 
----------------------------------------------------------------------------
($ Millions except per share data)                         2014        2013 
----------------------------------------------------------------------------
Adjusted earnings (1)                                       186         180 
Adjustments for rate-regulated activities (2)                23          (5)
Dividends on equity preferred shares                         12           8 
----------------------------------------------------------------------------
Earnings attributable to equity owners                      221         183 
----------------------------------------------------------------------------
Revenues                                                  1,017         876 
----------------------------------------------------------------------------
Funds generated by operations (3)                           517         411 
----------------------------------------------------------------------------
Weighted average shares outstanding (millions of                            
 shares)                                                  260.9       257.1 
----------------------------------------------------------------------------
                                                                            
(1) Adjusted earnings are earnings attributable to equity owners after      
    adjusting for the timing of revenues and expenses associated with rate- 
    regulated activities and dividends on equity preferred shares of        
    Canadian Utilities. Adjusted Earnings also exclude one-time gains and   
    losses, significant impairments and items that are not in the normal    
    course of business or day-to-day operations. Adjusted earnings present  
    earnings on the same basis as was used prior to adopting International  
    Financial Reporting Standards (IFRS) - that basis being the U.S.        
    accounting principles for rate-regulated entities - and they are a key  
    measure used to assess segment performance, to reflect the economics of 
    rate regulation and to facilitate comparability of Canadian Utilities'  
    earnings with other Canadian rate-regulated companies.                  
(2) Refer to Note 3 to the consolidated financial statements for            
    descriptions of the adjustments for rate-regulated activities and the   
    timing of their recovery from or refund to customers.                   
(3) This measure is cash flow from operations before changes in non-cash    
    working capital. It does not have standardized meaning under IFRS and   
    may not be comparable to similar measures used by other companies.      



The $141 million increase in revenues was due primarily to increased rate base
in the Utilities segment and higher natural gas and propane prices in the Energy
segment.


The $106 million increase in funds generated by operations was due primarily to
higher contributions received from customers for utility capital expenditures.


Canadian Utilities' consolidated financial statements and management's
discussion and analysis for the three months ended March 31, 2014, will be
available on the Canadian Utilities website (www.canadianutilities.com), via
SEDAR (www.sedar.com) or can be requested from the Company.


Canadian Utilities Limited, an ATCO company, with more than 7,400 employees and
assets of approximately $16 billion, delivers service excellence and innovative
business solutions worldwide with leading companies engaged in Utilities
(pipelines, natural gas and electricity transmission and distribution), Energy
(power generation, natural gas gathering, processing, storage and liquids
extraction) and Technologies (business systems solutions). More information can
be found at www.canadianutilities.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 Company 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
Company's expectations as of the date hereof, and is subject to change after
such date. The Company 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Utilities Limited
B.R. (Brian) Bale
Senior Vice President & Chief Financial Officer
(403) 292-7502
www.canadianutilities.com
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