Business
Capital Power reports third quarter results
Capital Power reports third quarter results
About this update from Transalta Corporation
[{"type":"text","content":"\n\n\n\nOct. 30, 2009 (Canada NewsWire Group) -- EDMONTON, Oct. 30 /CNW/ -- Capital Power Corporation (Capital Power, or the Company) (TSX:CPX) released today its financial results for the third quarter of 2009. Net income for the third quarter 2009 was $14 million or $0.64 per share.\"Despite weak summer power prices in Alberta, our third quarter financial performance was in-line with our expectations,\" said Brian Vaasjo, President and Chief Executive Officer of Capital Power. \"We continued to see good performance from our power plants with strong average generation plant availability of 95 per cent in the third quarter. At the Clover Bar Energy Centre, we commenced operations on a new 100-megawatt natural gas turbine in Unit 2. Based on the experience gained from the installation of Unit 2, we now expect to see Unit 3 come on-line in the first quarter of 2010, which is approximately six months ahead of schedule as well as being approximately $5 million lower than earlier estimates. Once completed, the Clover Bar facility will have a gross generation output of 243 megawatts.\"\"Our construction project at Keephills 3, jointly owned with TransAlta, continues to experience cost pressures which has resulted in an increase of approximately six per cent to our previous $1.8 billion total project costs estimate to $1.9 billion,\" continued Vaasjo. \"The project schedule has also been delayed a few months with commercial operations now targeted for the second quarter 2011.\"\"We continue to take a leadership role in carbon capture and storage (CCS) technology through our partnership with TransAlta and Alstom Canada to develop one of the world's largest CCS projects (Project Pioneer) at the Keephills 3 plant that was announced earlier this month,\" stated Vaasjo. \"The expected $780 million funding from the Province of Alberta and Government of Canada will help Project Pioneer work towards its goal of capturing one million tones of greenhouse gas emissions annually. In addition to Project Pioneer, we are committed to completing the front end engineering and design work on the Integrated Gasification Combined Cycle (IGCC) project at our Genesee facility. However, we do not intend to develop an IGCC facility at this time primarily because the technology is not economical in today's power price environment.\"----------------------------...