Business
Capital Power reports third quarter 2012 results and announces Quality Wind set to commence commercial operations
Strong operating and portfolio optimization performance leads to 28% increase in normaliz...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\n\n\n\nStrong operating and portfolio optimization performance leads to 28%\n increase in normalized earnings per share in the quarter\n\n\nEDMONTON, Oct. 31, 2012 /CNW/ - Capital Power Corporation (Capital\n Power, or the Company) (TSX: CPX) today released its financial results\n for the three and nine months ended September 30, 2012. The Company\n also announced that its Quality Wind project is set to commence\n commercial operations.\n\n\nFinancial results \n\n\nNormalized earnings attributable to common shareholders in the third\n quarter of 2012, after adjusting for one-time items and fair value\n adjustments, were $38 million, or $0.55 per share, compared with $21\n million, or $0.43 per share, in the comparable period of 2011.\n\n\n\"Third quarter financial performance was in line with our expectations,\"\n said Brian Vaasjo, President and CEO of Capital Power. \"We saw an\n improvement in the Alberta spot power prices, which averaged $78 per\n megawatt hour (MWh) in the third quarter, compared to $50 per MWh in\n the first half of the year. The increase resulted in a record EBITDA\n contribution from the Alberta commercial plants and portfolio\n optimization segment. The third quarter was highlighted by strong\n operating performance across the fleet with average plant availability\n of 97 per cent.\"\n\n\n\"Should power prices in the fourth quarter remain consistent with third\n quarter levels, Capital Power remains on track to meet its revised 2012\n annual financial targets,\" continued Mr. Vaasjo. \"This includes\n normalized earnings per share that are expected to be slightly under\n the low end of the target range of $1.50 to $1.70 per share.\"\n\n\nFunds from operations excluding non-controlling interests in CPILP were\n $128 million in the third quarter of 2012, up 10% from $116 million in\n the third quarter of 2011. Cash flow per share for the quarter was\n $1.31 compared with $1.21 for the same quarter in the previous year.\n\n\nFor the nine-month period ending September 30, 2012, normalized earnings\n attributable to common shareholders were $70 million or $1.06 per share\n compared with $35 million or $0.87 per share in the first nine months\n of 2011. Year-to-date funds from operations excluding non-controlling\n interests in CPILP totaled $298 million compared with $264 million in\n the nine-month per...