Business
Capital Power reports first quarter 2011 results
Apr. 29, 2011 (Canada NewsWire Group) -- EDMONTON, April 29 /CNW/ - Capital Power Corporation...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\n Apr. 29, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nEDMONTON, April 29 /CNW/ - Capital Power Corporation (Capital Power, or\n the Company) (TSX: CPX) today released its results for the quarter\n ended March 31, 2011.  Normalized earnings attributable to common\n shareholders, after adjusting for one-time items and fair value\n adjustments, was $11 million, or $0.33 per share, in the first quarter\n of 2011, compared with $11 million, or $0.51 per share, in the\n comparable 2010 period. Funds from operations, excluding\n non-controlling interests in Capital Power Income L.P. (CPILP), totaled\n $78 million in the first quarter of 2011, up 10% from $71 million in\n the first quarter of 2010.\n\n\n"The decline in normalized net income in the first quarter of 2011\n compared with the corresponding period in 2010 was primarily\n attributable to lower margins realized on the merchant trading\n portfolio," said Capital Power's President and CEO, Brian Vaasjo. "With\n the shutdown of two large coal plants in the region and\n colder-than-average weather in Alberta, spot prices increased in the\n quarter. However, the Company's average realized price for the Alberta\n commercial portfolio decreased from approximately $67/MWh in the first\n quarter of 2010 to approximately $64/MWh in the corresponding period in\n 2011 as a more significant portion of the Company's Alberta portfolio\n was sold forward at lower prices. If forecasted Alberta power prices\n rema...