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Great Lakes Hydro Income Fund Reports Strong Third Quarter Results
STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, Nov. 3 /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, Nov. 3 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the third quarter ended\nSeptember 30, 2008. The Fund provides additional information on its strategy\nand results in its Letter to Unitholders and Supplemental Information\navailable at www.greatlakeshydro.com under Investor Relations/Financial\nHighlights.\n\n\nGeneration of 1,110 gigawatt hours (GWh) was the highest for any third\nquarter since the Fund's inception, and compares to 749 GWh and 932 GWh for\nthe same period in 2007 and the long-term average, respectively. These very\nstrong results were due to continued above-average water inflows in the\nQuebec, Ontario and New England regions, as well as favorable opening\nreservoir levels heading into the quarter. As a result, income before non-cash\nitems more than doubled from the year-ago period.\n\n\nThe Quebec region's generation of 480 GWh was just below its quarterly\nrecord set in the prior quarter, while revenues increased almost 60% relative\nto the same period last year. Similarly, the Ontario region reported its\nstrongest-ever third quarter with generation surpassing the prior year and\nlong-term average by 93% and 12%, respectively. Generation in British Columbia\nexceeded long-term average while New England reported its strongest\nthird-quarter generation since 2003. The Cedar Dam generating station in\nQuebec was returned to service in mid-September.\n\n\nThird quarter revenues of $48.0 million and income before non-cash items\nof $23.1 million increased by 46% and 106%, respectively, from the same period\na year earlier. Third quarter distributions to unitholders totaled\n$15.1 million or 31.3 cents per unit.\n\n\n"The third quarter brought a continuation of the very favorable\nconditions and strong results that we experienced in the first half of 2008,"\nsaid Richard Legault, President and Chief Executive Officer. "While hydrology\nconditions have largely normalized and we anticipate long-term average\ngeneration for the rest of the year, we are pleased to have exceeded our\nentire 2007 production in the first nine months of 2008."\n\n\n"While the capital markets are experiencing considerable volatility and\nuncertainty, we believe that current events will help to highlight t...