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Great Lakes Hydro Income Fund Reports Third Quarter Results
STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, Nov. 7 /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. 7 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the third quarter ended\nSeptember 30, 2007. The Fund provides additional information on its results\nand strategy in its Letter to Unitholders and Supplemental Information\navailable at www.greatlakeshydro.com under Investor Relations/Financial\nHighlights.\n\n\nPower generation in the third quarter of 2007 totaled 749 gigawatthours\n(GWh) or 81% of long-term average (LTA), reflecting below-average inflows for\nthe period in Quebec and Ontario. Generation levels in British Columbia and\nNew England were in line with LTA. For the nine-month period, generation was\n92% of LTA.\n\n\nThird-quarter revenues totalled $32.9 million and income before non-cash\nitems amounted to $11.2 million compared with $37.7 million and $14.1 million,\nrespectively, in 2006. For the nine-month period, revenues were lower by 9%\nand income before non-cash items by 17%. The 2007 operating results are\nprimarily attributable to the below-LTA generation levels.\n\n\nThe year-over-year increase in distributions to unitholders reflects the\nadditional contribution from the Carmichael facility acquired in July 2006.\n\n\nFINANCIAL AND OPERATING HIGHLIGHTS\n-------------------------------------------------------------------------\nUnaudited Three months ended Nine months ended\n C$ millions, September 30 September 30\n except otherwise noted 2007 2006 2007 2006\n-------------------------------------------------------------------------\nRevenues $ 32.9 $ 37.7 $ 122.5 $ 135.1\nIncome before non-cash items 11.2 14.1 54.0 65.3\nDistribution 15.1 15.0 45.3 45.0\nPer unit\n Income before non-cash items 0.23 0.29 1.12 1.35\n Distribution 0.31 0.31 0.94 0.93\nPower generated (GWh) 749 923 2,745 3,183\nAverage price (cents/KWh) 4.4 4.1 4.5 4.2\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n"We are disappointed with the lower than average water inflows in this\nquarter and the year to date, especially after the excellent year we had in\n2006," said Richard Legault, President and Chief Executive Officer. "As\nmanagers of the Fund, one of our top priorities has been to ensure stable cash\ndist...