Business
Northland Power Reports First Quarter 2025 Results
Oneida commenced operations. Baltic Power and Hai Long projects continue to make construction pro...
About this update from Northland Power Inc.
[{"type":"text","content":"Northland Power Reports First Quarter 2025 Results\n\n\n\n\n\n\n Oneida commenced operations. Baltic Power and Hai Long projects continue to make construction progress.\n \n\n\n TORONTO, May 13, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. (\n \n “Northland”\n \n or the\n \n “Company”\n \n ) (TSX:\n \n NPI\n \n ) reported today financial results for the three months ended March 31, 2025. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated.\n \n\n \"We are pleased with the progress on our construction projects, which achieved significant milestones over the quarter, including the delivery of the Oneida energy storage project into commercial operations ahead of time and under budget and the installation of Hai Long's first wind turbine,\" said Christine Healy, Northland's President and CEO. \"Our offshore wind facilities experienced the lowest wind resource in years, leading to lower offshore results, but the strong performance across other parts of our business demonstrates our resilience and the importance of our global portfolio across multiple technologies. Our diversified portfolio and an experienced executive leadership team provide Northland an opportunity to capture the accelerating demand for electricity and energy security.”\n \n\n\n\n Highlights\n \n\n\n\n\n Achieved commercial operations of 250 MW Oneida energy storage project ahead of schedule and under budget, delivering the project without any lost time incidents reflecting commitment to health and safety standards.\n \n\n Progressed in-water construction activities at the Hai Long offshore wind project with the installation of the first wind turbine and ongoing installation of turbine monopile foundations at the Baltic Power offshore wind project.\n \n\n Achieved over 95% commercial availability at Northland’s offshore and onshore renewables, and natural gas facilities throughout the quarter.\n \n\n Delivered higher operating results from North American onshore wind and natural gas facilities, despite the lowest wind conditions over the last decade in Europe.\n \n\n Appointed new President and CEO Christine Healy, and CFO Jeff Hart, who, along with the rest of the executive leadership team, will advance the Company's strategic objectives and initiatives.\n \n\n\n\n\n Significant ...