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Great Lakes Hydro Income Fund Reports Fourth Quarter and Year-end Results - Several facility refurbishments completed in 2007
STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, Feb. 12 /CNW Telbec/ - Great Lakes Hydro Income Fund today...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, Feb. 12 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the quarter and year ended\nDecember 31, 2007. Additional information is provided in the Fund's Letter to\nUnitholders and Supplemental Information available at www.greatlakeshydro.com\nunder Investor Relations/Financial Highlights.\n\n\nFor the full-year period, power generation totaled 3,487 gigawatthours\n(GWh) compared with 4,151 GWh a year earlier and a long-term average of\n3,875 GWh. Revenues were $155.8 million and income before non-cash items was\n$65.3 million. In the fourth quarter of 2007, power generation totaled\n742 GWh, revenues amounted to $33.3 million and income before non-cash items\nwas $11.3 million. Weak hydrological conditions, primarily in Quebec and\nNew England, accounted for the lower generation levels and financial results\nin 2007. By comparison, water inflows in the previous year were particularly\nstrong and exceeded the long-term average.\n\n\nThe Fund paid distributions to unitholders of $60.3 million in 2007. The\nincrease over a year ago reflects the full-year contribution from the\nCarmichael Falls, Ontario facility acquired on July 1, 2006.\n\n\n2007 FINANCIAL AND OPERATING HIGHLIGHTS\n-------------------------------------------------------------------------\n Three months ended Year ended\nUnaudited December 31 December 31\nCDN$ millions, except where noted 2007 2006 2007 2006\n-------------------------------------------------------------------------\nRevenues $ 33.3 $ 42.0 $ 155.8 $ 177.1\nIncome before non-cash items 11.3 17.3 65.3 82.6\nDistribution 15.0 15.1 60.3 60.1\nPer unit\n Income before non-cash items 0.23 0.36 1.35 1.71\n Distribution 0.31 0.31 1.25 1.24\nPower generated (GWh) 742 968 3,487 4,151\nAverage price (cents/KWh) 4.5 4.3 4.5 4.3\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\nIn 2007, the total investment in sustaining capital expenditures and\nenhancement initiatives amounted to $35.7 million, with an additional\n$4.1 million invested in major maintenance. Major projects were completed at\nthe Lois facility in B.C., the High Falls station in Quebec and the\nMillinocket facility in Maine, from which a positi...