Capital Power reports solid first quarter 2013 operating performance

About this update from Capital Power Corporation

[{"type":"text","content":"\n\n\n\n\n\nEDMONTON, April 26, 2013 /CNW/ - Capital Power Corporation (Capital\n Power, or the Company) (TSX: CPX) today released its financial results\n for the quarter ended March 31, 2013. Funds from operations were $103\n million in the first quarter of 2013, down 11%, on a comparable basis,\n from $116 million in the first quarter of 2012. Cash flow per share for\n the quarter was $1.04 compared with $1.19 for the same quarter of the\n previous year. Net income attributable to shareholders in the first\n quarter of 2013 was $34 million, or $0.44 per share, compared with $40\n million, or $0.66 per share, in the comparable period of 2012.\n Normalized earnings attributable to common shareholders in the first\n quarter of 2013, after adjusting for one-time items and fair value\n adjustments, were $25 million, or $0.36 per share, compared with $27\n million, or $0.46 per share, in the first quarter of 2012.\n\n\n\"The strong operating performance of our facilities, with average plant\n availability of 94 per cent, was the highlight of the first quarter,\"\n said Brian Vaasjo, President and CEO of Capital Power. \"We were\n particularly pleased to achieve high availability in the 90 per cent\n range across the fleet, with the exception of the Tiverton facility,\n which had lower availability due to a planned outage.\"\n\n\n\"Normalized earnings per share of $0.36 in the first quarter, which were\n modestly below Management's expectations, have Capital Power on track\n to meet its annual financial targets including achieving normalized\n earnings per share of $1.20 to $1.40 per share,\" said Mr. Vaasjo. \"We\n saw a slight improvement in Alberta power prices in the first quarter,\n with spot prices averaging $65 per megawatt hour (MWh) compared to $60\n per MWh for the same period last year. We realized a captured price of\n $69 per MWh in the first quarter, higher than spot prices but lower\n than the exceptional performance of our portfolio optimization team in\n the first quarter of 2012, when the captured price was $83 per MWh.\"\n\n\n\"Capital Power's Port Dover and Nanticoke wind project in Ontario is on\n track for completion in the fourth quarter of this year and will\n contribute to our financial performance this year,\" added Mr. Vaasjo.\n The project will add 105 megawatts of wind generation to our fleet and\n provid...

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