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Great Lakes Hydro Income Fund Reports Record Second Quarter 2009 Results
STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, July 27 /CNW Telbec/ - Great Lakes Hydro Income Fund (the ...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, July 27 /CNW Telbec/ - Great Lakes Hydro Income Fund (the\n"Fund") today reported its financial and operating results for the second\nquarter ended June 30, 2009. The Fund provides additional information on its\nstrategy and results in its Letter to Unitholders and Supplemental Information\navailable at www.greatlakeshydro.com under Investor Relations/Financial\nHighlights.\n\n\nSecond quarter revenues of $65.4 million and income before non-cash items\nof $33.5 million increased by 16% and 7% respectively, from the same period a\nyear earlier. Generation for the second quarter of 2009 was 1,271 gigawatt\nhours (GWh) as compared with 1,260 GWh during the same period last year and a\nlong-term average of 1,278 GWh.\n\n\nGeneration from hydroelectricity in the quarter was 1,149 GWh, a decrease\nof 9% as compared to the exceptionally strong second quarter last year but in\nline with a long-term average of 1,152 GWh. Hydroelectric generation in Quebec\nand New England remained strong while Ontario and British Columbia were lower\nthan long-term average due to less favorable hydrology.\n\n\nThe Prince Wind farm and 50% joint venture interest in Pingston Hydro,\nacquired in February 2009, contributed $7.2 million in income before non-cash\nitems, offsetting lower hydroelectric generation than in the prior year which\nwas extremely strong. Prince Wind and Pingston Hydro are performing in line\nwith expectations in the five months since their acquisition.\n\n\nSecond quarter distributions to unitholders were $16.7 million or 31\ncents per unit as compared to $15.1 million or 31 cents per unit in the second\nquarter of 2008. Distributions on the exchangeable shares held by Brookfield\nRenewable Power were $1.3 million. Total distributions of $18.0 million\nincreased as a result of the additional units and the exchangeable shares\nissued in connection with the acquisition of the Prince Wind farm and 50%\ninterest in Pingston Hydro in the first quarter of 2009.\n\n\nFINANCIAL AND OPERATING HIGHLIGHTS\n\n-------------------------------------------------------------------------\nUnaudited Three months Six months\nCDN $ millions, except ended June 30 ended June 30\n otherwise noted 2009 2008 2009 2008\n-------------------------------------------------------------------------\nRevenu...