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Epcor made $241 million off Edmonton’s drinking water and water treatment systems over the last five years.

But during that five-year agreement, Epcor also saved Edmonton customers $52 million through a series of cost-cutting exercises. Plus, the city-owned corporation paid out $705 million in dividends, profits from power and water work across North America that went straight to lowering Edmonton’s property taxes.

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On Friday, Epcor presents it final annual report in the latest five-year agreement to run Edmonton’s water and wastewater system. Because Epcor has been hot on the political stage this year with its pitch to take over the city’s drainage operations, the Journal spoke with Epcor’s Darrell Manning to nail down the numbers and demystify the rate-setting process.

How does the city regulate Epcor?

Every five years, city council gets the chance to set three things: the amount of money customers pay for water and water treatment, performance targets and the amount of money Epcor can expect to make off the deal.