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Great Lakes Hydro Income Fund Reports Fourth Quarter and Year-end Results - Strong hydrology drives increase in generation and revenues
Great Lakes Hydro Income Fund Reports Fourth Quarter and Year-end Results - Strong hydrology drives increase in generation and revenues.
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, Feb. 6 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the fourth quarter and year\nended December 31, 2006. The Fund provides additional information on its\nstrategy and 2006 results in its Letter to Unitholders and Supplemental\nInformation available at www.greatlakeshydro.com under Investor\nRelations/Financial Highlights.\n\n\nIn the fourth quarter of 2006, power generation totaled 968 gigawatthours\n(GWh) compared with 880 GWh a year earlier. Revenues increased to\n$42.0 million and income before non-cash and special items to $17.3 million.\nThese results reflect the continued strength of the hydrological conditions in\nQuebec and New England.\n\n\nFinancial and operating results increased significantly for the full-year\nperiod. Power generation totaled 4,151 GWh compared with 3,503 GWh last year.\nRevenue increased by 15% to $177.1 million and income before non-cash and\nspecial items by 19% to $82.6 million. These results were driven by\nexceptionally strong water inflows in Quebec throughout 2006 as well as\nimproved hydrological conditions in our Ontario operations. They also include\ngeneration of 59 GWh from the Cedar Dam facility in Quebec that was\ncommissioned in December 2005, and 34 GWh from the Carmichael Falls, Ontario\nfacility that was acquired on July 1, 2006.\n\n\nIn 2006, the Fund's cash distributions increased to $60.1 million from\n$58.7 million last year.\n\n\n-------------------------------------------------------------------------\n Three months ended Year ended\nUnaudited December 31 December 31\nCDN$ millions, except where noted 2006 2005 2006 2005\n-------------------------------------------------------------------------\nRevenues $ 42.0 $ 39.2 $ 177.1 $ 154.5\nIncome before non-cash and\n special items 17.3 17.0 82.6 69.5\nDistribution 15.1 14.7 60.1 58.7\nPer unit\n Income before non-cash and\n special items 0.36 0.35 1.71 1.44\n Distribution 0.31 0.30 1.24 1.22\nPower generated (GWh) 968 880 4,151 3,503\nAverage price (¿/KWh) 4.3 4.5 4.3 4.4\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n2006 FINANCIAL AND OPERATING HIGHLIGHTS\n\nIn 2006, a total of $30.2 million was invested in sustaini...