Business
Great Lakes Hydro Income Fund Reports First Quarter Results
Highest Quarterly Generation in Fund's History STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, May 7 /CNW ...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nHighest Quarterly Generation in Fund's History\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, May 7 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the first quarter ended March\n31, 2008. The Fund provides additional information on its strategy and results\nin its Letter to Unitholders and Supplemental Information available at\nwww.greatlakeshydro.com under Investor Relations/Financial Highlights.\n\n\nIn the first quarter of 2008, power generation was a record\n1,161 gigawatthours (GWh), representing increases of 97 GWh and 194 GWh over\nthe first quarter of 2007 and the long-term average, respectively. The\nimprovement is mainly due to above average water inflows in the Quebec,\nOntario and New England regions. Generation levels increased year-over-year in\neach of the geographic regions. In Quebec, generation exceeded last year's\nlevels by 8% despite the continued outage at the Cedar Dam station, which is\nexpected to be back in regular service in early summer 2008. Generation in\nBritish Columbia was favorably impacted by the return to service of the Lois\nfacility at the end of 2007 following completion of its overhaul.\n\n\nFirst quarter revenues of $51.2 million and income before non-cash items\nof $26.9 million were above the $48.2 million and $24.8 million, respectively,\nreported for the same period a year earlier. First quarter distributions to\nunitholders totaled $15.1 million or 31 cents per unit.\n\n\n"We enjoyed excellent inflows in most of our watersheds in the first\nquarter," said Richard Legault, President and Chief Executive Officer. "Our\nfinancial condition is strong and we remain focused on stable performance and\nlong-term value creation through solid execution and continued investment in\nthe productivity and longevity of our assets."\n\n\nFinancial and Operating Highlights\n\n-------------------------------------------------------------------------\nUnaudited Three months\nCDN $ millions, except per ended March 31\n unit and where noted 2008 2007\n-------------------------------------------------------------------------\nRevenues $ 51.2 $ 48.2\nIncome before non-cash items 26.9 24.8\nDistribution 15.1 15.1\nPer Unit\n Income before non-cash items 0.56 0.51\n Distribution 0.31 0.31\nPower generated (GWh) 1,161 1,064\nAv...