EPCOR plans to redeem its $150 million, First Preferred Shares, Series A

May 24, 2006 - Edmonton - EPCOR Utilities Inc. ("EPCOR") announces its intention to redeem six million Cumulative Redeemable Perpetual First Preferred Shares, Series A ("Preferred Shares") on June 30, 2006 at par for $150 million plus accrued and unpaid dividends to the date of redemption. The Preferred Shares were issued to certain institutional investors on June 29, 2001 through EPCOR's wholly-owned subsidiary, EPCOR Finance Corporation.

EPCOR will fund the redemption from cash balances and funds available under its revolving credit facilities.

EPCOR Utilities Inc. builds, owns and operates power plants, electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Alberta, Ontario/U.S Northeast, and British Columbia/U.S. Pacific Northwest. EPCOR has been named one of Canada's Top 100 employers for six consecutive years, and is headquartered in Edmonton, Alberta.

 
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