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Originally Posted by yads
I was under the impression that they did when I worked there. The city of Edmonton is the only shareholder of Epcor though, so indirectly the city owns everything. There are actually two publicly traded securities under the name of Capital Power. One is the income trust which includes a portfolio of what I believe are non Alberta generation assets. The other is the trading desk business.
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EPCOR owns ~72% of Capital Power, and expect to sell their portion over time to fund their new water treatment plants in Arizona, etc. As far as I know, all of the generation assets are owned by Capital Power. Generation was too risky in the corporation's opinion, and water treatment was a far more reliable avenue to go down.
ENMAX obviously isn't in the same situation. They have no water treatment capabilities, and in fact they are placing quite a bit of their priority on generation and retail, which makes them practically polar opposites from EPCOR (who isn't really interested in retail at all). I'm not sure the two companies can really be looked at as equals in any way due to those couple of significant differences.