Business
Capital Power reports second quarter 2010 results
Capital Power reports second quarter 2010 results
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\n\n Aug. 3, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nEDMONTON, Aug. 3 /CNW/ - Capital Power Corporation ("Capital Power", or the "Company") (TSX: CPX) today released its financial results for the three and six month periods ended June 30, 2010. Normalized net income, after adjusting for one-time items and fair value adjustments, was $1 million or $0.05 per share in the second quarter of 2010. For the six month period ending June 30, 2010, normalized net income was $13 million or $0.60 per share.\n"The Company's performance in the second quarter of 2010 was below management's expectations," said Brian Vaasjo, President and Chief Executive Officer of Capital Power Corporation. "This was primarily attributable to two factors that were specific to the period. First, we experienced a greater-than-expected impact from the 21-day planned outage at our Genesee 2 facility; although we anticipated availability penalties from the planned outage, the penalties were higher-than-expected. This was due to high Alberta pool prices during the outage resulting partially from generation curtailments at all three units at Genesee to accommodate transmission system upgrades and from other plant outages in the province. Second, the commodity optimization strategies that led to strong earnings in the first quarter of 2010 moved against us in the second quarter, resulting in weak results from our commodity portfolio management area. In addition to these two factors the $0.37 loss per share in the quarter is primarily due to $58 million in fair value changes which are not indicative of economic performance. While these quarterly results were below expectations, our performance in the first half of the year is tracking close to our plan and our outlook for the year is unchanged from earlier guidance."\n\n\n >\n\n\nCanadian Federal Government Greenhouse Gas Regulation for Coal-Fired Generation\n\nOn June 23, 2...