Atlantic Power Corporation (TSX: ATP)(NYSE: AT) ("Atlantic Power")
today announced its results for the three and nine months ended
September 30, 2010. All amounts are in U.S. dollars unless
otherwise indicated.
Highlights
- 15% increase in Adjusted EBITDA in the third quarter of 2010 compared to
the prior year period
- On track to achieve project distributions guidance of $75 - $80mm for the
year
- Projected cash flows sufficient to meet current level of dividends into
2016 with no further acquisitions or organic growth
- Subsequent to quarter end, raised $152 million in successful equity and
debenture offerings
- Completed project-level bank financing for our first biomass project in
Georgia to be completed late 2012
- Project financing closed at Idaho Wind with construction proceeding as
scheduled
- Entered into purchase agreement to acquire an operating wood-fired power
facility in Michigan
"We have been very active during and subsequent to the third
quarter, raising $152 million with our first equity offering in the
U.S. and a convertible debenture offering in Canada," commented
Barry Welch, President and CEO. "We also entered into agreements to
finance our first biomass power plant and to acquire 100% of an
operating wood-fired energy facility in Michigan; transactions that
we expect will add to the stability and sustainability of our cash
flows and dividends."
Operating Performance
Project Adjusted EBITDA, including earnings from equity
investments, increased by $5.4 million to $41.5 million for the
quarter ended September 30, 2010 compared to $36.1 million for the
same period last year. The increase was attributable to several
factors, including;
- increased EBITDA of $4.2 million at Lake due to earnings from favorable
off-peak dispatch during the summer months and annually increased
contractual capacity payments under the project's PPA;
- increased EBITDA of $1.1 million at Pasco primarily attributable to the
maintenance outage during the three months ended September 30, 2009;
partially offset by
- the absence of Stockton and Mid-Georgia's EBITDA as both projects were
sold in the fourth quarter of 2009.
For the nine months ended September 30, 2010, Project Adjusted
EBITDA, including earnings from equity investments, increased by
$7.7 million to $118.8 million from $111.1 million in the same
period in 2009. The increase in Project Adjusted EBITDA for the
first nine months of 2010 was due in part to the following
factors:
- increased EBITDA of $5.5 million at Chambers due primarily to the planned
major maintenance outage during the first nine months of 2009; and
- increased EBITDA of $3.2 million at Lake due to earnings from favorable
off-peak dispatch and annually increased contractual capacity payments
under the project's PPA.
- Partially offsetting these gains was the absence of EBITDA at Mid-Georgia
as the project was sold in the fourth quarter of 2009 as well as no EBITDA
at Rumford in 2010 as the contract that provided substantially all of the
project's cash flow expired in the fourth quarter of 2009.
Cash Available for Distribution
For the three and nine months ended September 30, 2010, Cash
Available for Distribution was $24.4 million and $49.8 million,
respectively, compared to $21.3 million and $60.5 million for the
same respective periods in 2009.
The payout ratios of 65% for the third quarter and 96% for the
first nine months of 2010 are consistent with our expected payout
ratio for the full year 2010 of slightly more than 100%. The
expected full-year payout ratio is higher than our previous
guidance in part due to dividends paid on a higher number of common
shares outstanding following our public offering completed in
October 2010.
From an overall cash flow perspective, we have received $2.0
million of proceeds from the sale of our interest in the Rumford
project and expect approximately $3 million to $4 million in
distributions of restricted cash from our projects as a result of
more efficient management of project working capital. However, both
the proceeds from Rumford and the restricted cash releases are
classified as cash flows from investing activities in our
consolidated statements of cash flows. Because only operating cash
flows are included in cash available for distribution, these
positive investing cash inflows will not be reflected as an
increase in cash available for distribution or as a benefit to the
presentation of the payout ratio.
Recent Developments
Idaho Wind
On July 2, 2010, we acquired a 27.6% equity interest in Idaho
Wind for approximately $38.9 million and approximately $3.0 million
in transaction costs. Idaho Wind recently commenced construction of
a 183 MW wind power project located near Twin Falls, Idaho, which
is expected to be completed in phases in late 2010 and early 2011.
Idaho Wind has 20-year PPAs with Idaho Power Company. Our
investment was funded with cash on hand and a $20 million borrowing
under our senior credit facility. Upon completion of construction,
we expect the project to provide after-tax cash flows to us of $4.5
million to $5.5 million for each full year of operations.
On October 8, 2010, Idaho Wind closed a $222 million
project-level credit facility. The facility is composed of two
tranches, which includes a $139 million construction loan that will
convert to a 17-year term loan following commercial operation and
an $83 million cash grant bridge facility, which will be repaid
with federal stimulus grant proceeds after completion of
construction.
During the third quarter of 2010, we made a short-term $12.8
million loan to Idaho Wind to provide temporary funding for
construction of the project. A portion of the project-level
construction financing was completed in early October 2010,
resulting in $4.1 million of the loan being repaid. The remaining
$8.7 million is expected to be repaid in late 2010 and early
2011.
Orlando Gas Swaps
On October 18, 2010, we entered into natural gas swaps that are
effective in 2014 and 2015. The natural gas swaps are related to
expected fuel purchases attributable to our 50% share of the
Orlando project as its operating margin is exposed to changes in
natural gas prices following the expiration of its fuel contract at
the end of 2013. We expect cash distributions from Orlando to
increase significantly following the expiration of the project's
gas contract at the end of 2013 because projected natural gas
prices at that time and the prices in the natural gas swaps we have
executed are lower than the price of natural gas being purchased
under the project's current gas contract.
Public Offering
On October 20, 2010, we completed a public offering of 6,029,000
common shares, including 784,000 common shares issued pursuant to
the exercise in full of the underwriters' over-allotment option, at
a price of $13.35 per common share. We received net proceeds from
the common share offering, after deducting the underwriting
discounts and expenses, of approximately $75.6 million.
On October 20, 2010, we also completed the closing of a public
offering of Cdn$80.5 million of convertible unsecured subordinated
debentures, including Cdn$10.5 million aggregate principal amount
of debentures pursuant to the exercise in full of the underwriters'
over-allotment option. The debentures bear interest at a rate of
5.60% and will mature on June 30, 2017 unless earlier redeemed. The
debentures are convertible into our common shares at an initial
conversion rate of 55.2486 common shares per Cdn$1,000 principal
amount, representing an initial conversion price of approximately
Cdn$18.10 per common share (equivalent to US$18.03 per common
share). We received net proceeds from the debenture offering, after
deducting the underwriting discounts and expenses, of approximately
Cdn$76.4 million.
The net proceeds of approximately $152 million from the two
public offerings are expected to be used as follows:
- $20 million to repay the outstanding borrowings on our revolving credit
facility that was used to partially fund the acquisition of Idaho Wind;
- Up to $75 million to fund our equity contribution to the Piedmont Green
Power biomass project described below;
- Approximately $35 million to fund our expected acquisition of the Cadillac
biomass plant described below; and
- The remaining net proceeds of approximately $22 million for general
corporate purposes and continued execution of our growth strategy.
Piedmont Green Power
On October 21, 2010, we closed a non-recourse, project-level
bank financing for Piedmont Green Power, our first biomass power
project. The terms of the financing include an $82 million
construction and term loan and a $51 million bridge loan related to
the stimulus grant to be received from the U.S. Treasury 60 days
after the start of commercial operations. In addition, we will make
an equity contribution of approximately $75 million for
substantially all of the equity interests in Piedmont.
The project has executed a swap that results in an average fixed
interest rate of approximately 5.2% during the construction period
and the first three years of the term loan. Cash distributions to
the Company from the project are expected to average $8 million to
$10 million for each full year of project operation. The project
has a 20-year power purchase agreement under which capacity
payments represent the majority of the revenues. In addition, the
revenue and fuel supply contracts contain adjustment mechanisms
that will mitigate potential biomass fuel price volatility.
Cadillac Renewable Energy Acquisition
On October 22, 2010, we entered into a purchase and sale
agreement to acquire 100% of Cadillac Renewable Energy, LLC, a 39.6
MW wood fired facility located in Cadillac, Michigan, from a joint
venture which is jointly owned by ArcLight Energy Partners Fund II
and Olympus Power, LLC. The purchase price will be approximately
$77 million, subject to customary working capital adjustments, and
will be funded by $35 million cash on hand and $42 million of
assumed non-recourse, project-level debt. Operations and
maintenance will be managed by our majority-owned subsidiary
Rollcast Energy. The acquisition is anticipated to close by the end
of 2010. We expect to receive distributions from the project of
$3.5 million to $4.5 million per year beginning in 2011.
Guidance
Based on management's cash flow projections, the current level
of dividends is sustainable into 2016 before considering any
positive impact from potential future acquisitions or organic
growth opportunities.
Based on year-to-date results and our projections for the
remainder of the year, we continue to expect to receive
distributions from our projects in the range of $75 million to $80
million for the full year 2010. At the corporate-level, we expect a
net cash tax refund in 2010 in the range of $7 million to $9
million, compared to insignificant net cash taxes in 2009. Included
in 2010 corporate-level costs will be the $5 million payment under
the terms of the management agreement termination, down from the $6
million payment in 2009.
Looking ahead to 2011, we expect overall levels of operating
cash flow to be improved over projected 2010 levels. Slightly
higher distributions from existing projects, initial distributions
from our recent investments in Idaho Wind and Cadillac, and a lower
payment under the management agreement's termination are expected
to be partially offset by a substantially lower cash tax refund in
2011. These increased cash flows in 2011, combined with the impact
of our recent public offering, are expected to result in a payout
ratio of approximately 100% in 2011. In 2012, additional increases
in distributions from projects are expected to further increase
operating cash flow compared to 2011. The most significant factor
in the expected higher operating cash flow in 2012 is increased
distributions from Selkirk following the final payment of its
non-recourse project-level debt in 2012.
The calculation of Cash Available for Distribution and a summary
of Adjusted EBITDA by individual project for the three and nine
months ended September 30, 2010 are attached to this news
release.
Investor Conference Call and Webcast
A telephone conference call hosted by Atlantic Power's
management team will be held on Thursday, November 11, 2010 at
10:00 AM ET. The telephone numbers for the conference call are:
Local/International: (416) 849-2698, North American Toll Free:
(866) 400-2270. The Conference Call will also be broadcast over
Atlantic Power's website at www.atlanticpower.com. Please call or
log in 10 minutes prior to the call. The telephone numbers to
listen to the conference call after it is completed (Instant
Replay) are Local/International: (416) 915-1035, North American
Toll Free (866) 245-6755. Please enter the passcode 49011# when
instructed. The conference call will also be archived on Atlantic
Power's web site.
About Atlantic Power
Atlantic Power Corporation is an independent power producer,
with power projects located in major markets in the United States.
Our current portfolio consists of interests in 11 operational power
generation projects across eight states, one wind project under
construction in Idaho, one biomass project under construction in
Georgia, a 500 kilovolt 84-mile electric transmission line located
in California, and several development projects. Our power
generation projects in operation have an aggregate gross electric
generation capacity of approximately 1,738 megawatts (or "MW"), in
which our ownership interest is approximately 788 MW.
For more information, please visit the Company's website at
www.atlanticpower.com.
Forward-looking Statements
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of our Company
and our projects. These statements, which are based on certain
assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of the words
"may," "will," "project," "continue," "believe," "intend,"
"anticipate," "expect" or similar expressions that are predictions
of or indicate future events or trends and which do not relate
solely to present or historical matters. Examples of such
statements in this press release include, but are not limited, to
statements with respect to the following:
- The expectation that, based on management's cash flow projections, the
current level of dividends is sustainable into 2016 without additional
acquisitions or organic growth opportunities;
- The amount of distributions expected to be received from the projects and
the expected payout ratio for the full year 2010;
- The expectation that the payout ratio in 2011 will be approximately 100%
and that further improvements in cash flow and payout ratio are expected
in 2012;
- The expectation that we will begin to receive distributions from our
investment in Idaho Wind in 2011 and the level of after-tax cash flows
from Idaho Wind in each complete year of operations following
construction; and
- The expectation that the Cadillac acquisition will close by year-end 2010
and that we will receive distributions in the range of $3.5 million to
$4.5 million per year beginning in 2011.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" in the Company's periodic
reports as filed with the Securities and Exchange Commission from
time to time for a detailed discussion of the risks and
uncertainties affecting our Company. Although the forward-looking
statements contained in this news release are based upon what are
believed to be reasonable assumptions, investors cannot be assured
that actual results will be consistent with these forward-looking
statements, and the differences may be material. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law, the
Company assumes no obligation to update or revise them to reflect
new events or circumstances. The financial outlook information
contained in this news release is presented to provide readers with
guidance on the cash distributions expected to be received by the
Company and to give readers a better understanding of the Company's
ability to pay its current level of distributions into the future.
Readers are cautioned that such information may not be appropriate
for other purposes.
Atlantic Power Corporation
Consolidated Balance Sheets (in thousands of U.S. dollars)
September 30, December 31,
2010 2009
----------------------------------------------------------------------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 8,998 $ 49,850
Restricted cash 22,257 14,859
Accounts receivable 20,553 17,480
Note receivable - related party 12,801 -
Current portion of derivative
instruments asset 5,988 5,619
Prepayments, supplies and other 5,717 3,019
Deferred income taxes 11,531 17,887
Refundable income taxes 7,463 10,552
----------------------------------------------------------------------------
Total current assets 95,308 119,266
Property, plant and equipment, net 187,648 193,822
Transmission system rights 190,097 195,984
Equity investments in unconsolidated
affiliates 301,388 259,230
Other intangible assets, net 60,395 71,770
Goodwill 12,453 8,918
Derivative instruments asset 11,931 14,289
Other assets 5,273 6,297
----------------------------------------------------------------------------
Total assets $ 864,493 $ 869,576
----------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued
liabilities $ 26,195 $ 21,661
Revolving credit facility 20,000 -
Current portion of long-term debt 18,456 18,280
Current portion of derivative
instruments liability 4,916 6,512
Interest payable on convertible
debentures 1,797 800
Dividends payable 5,363 5,242
Other current liabilities 8 752
----------------------------------------------------------------------------
Total current liabilities 76,735 53,247
Long term debt 211,521 224,081
Convertible debentures 142,100 139,153
Derivative instruments liability 26,459 5,513
Deferred income taxes 33,459 28,619
Other non-current liabilities 4,916 4,846
Commitments and contingencies
Shareholders' equity
Common shares 544,447 541,917
Accumulated other comprehensive loss 98 (859)
Retained deficit (179,623) (126,941)
Noncontrolling interest 3,381 -
----------------------------------------------------------------------------
Total shareholders' equity 369,303 414,117
----------------------------------------------------------------------------
Subsequent events - -
----------------------------------------------------------------------------
Total liabilities and shareholders'
equity $ 864,493 $ 869,576
----------------------------------------------------------------------------
Atlantic Power Corporation
Consolidated Statements of Operations (in thousands of U.S. dollars)
(unaudited)
Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
----------------------------------------------------------------------------
Project revenue:
Energy sales $ 22,713 $ 14,795 $ 55,285 $ 44,810
Energy capacity revenue 23,196 22,113 69,585 66,337
Transmission services 7,813 7,792 23,186 23,208
Other 317 157 1,108 806
----------------------------------------------------------------------------
54,039 44,857 149,164 135,161
Project expenses:
Fuel 19,678 15,667 51,606 43,255
Operations and maintenance 5,674 6,105 16,174 15,755
Project operator fees and
expenses 1,172 768 3,074 2,799
Depreciation and
amortization 10,082 10,053 30,224 31,307
----------------------------------------------------------------------------
36,606 32,593 101,078 93,116
Project other income
(expense):
Change in fair value of
derivative instruments (9,744) 351 (20,946) 711
Equity in earnings of
unconsolidated affiliates 4,088 (3,646) 12,550 323
Interest expense, net (4,165) (4,525) (12,884) (13,845)
Other income, net 22 - 233 1,205
----------------------------------------------------------------------------
(9,799) (7,820) (21,047) (11,606)
----------------------------------------------------------------------------
Project income 7,634 4,444 27,039 30,439
Administrative and other
expenses (income):
Management fees and
administration 4,103 2,907 12,046 8,391
Interest, net 2,707 11,285 8,019 31,455
Foreign exchange loss (2,253) 12,528 179 22,034
Other income, net - (18) (26) (48)
----------------------------------------------------------------------------
4,557 26,702 20,218 61,832
----------------------------------------------------------------------------
Income (loss) from
operations before income
taxes 3,077 (22,258) 6,821 (31,393)
Income tax expense (benefit) 3,614 (6,455) 12,105 (9,104)
----------------------------------------------------------------------------
Net loss (537) (15,803) (5,284) (22,289)
Net loss attributable to
noncontrolling interest (99) - (228) -
----------------------------------------------------------------------------
Net loss attributable to
Atlantic Power Corporation $ (438) $ (15,803) $ (5,056) $ (22,289)
Net loss per share
attributable to Atlantic
Power Corporation
Shareholders:
Basic $ (0.01) $ (0.26) $ (0.08) $ (0.37)
Diluted $ (0.01) $ (0.26) $ (0.08) $ (0.37)
Atlantic Power Corporation
Consolidated Statements of Cash Flows (in thousands of U.S. dollars)
(unaudited)
Nine months ended
September 30,
2010 2009
----------------------------------------------------------------------------
Cash flows from operating activities:
Net loss $ (5,284) $ (22,289)
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation and amortization 30,224 31,307
Long-term incentive plan expense 3,287 1,392
(Gain) loss on sale of property,
plant and equipment - 933
Gain on step-up valuation of
Rollcast acquisition (211) -
Earnings from unconsolidated
affiliates (12,550) (323)
Distributions from unconsolidated
affiliates 9,897 19,023
Unrealized foreign exchange loss 4,369 23,866
Change in fair value of derivative
instruments 20,946 (711)
Change in deferred income taxes 10,555 (5,833)
Change in other operating balances
Accounts receivable (3,072) 7,994
Prepayments, refundable income taxes
and other assets 1,189 (6,633)
Accounts payable and accrued
liabilities 3,747 (4,511)
Other liabilities 576 680
----------------------------------------------------------------------------
Net cash provided by operating
activities 63,673 44,895
Cash flows used in investing
activities:
Acquisitions and investments, net of
cash acquired (41,182) (3,000)
Loan to Idaho Wind (12,801) -
Change in restricted cash (7,398) (7,816)
Biomass development costs (1,827) -
Proceeds from the sale of property,
plant and equipment - 167
Purchase of property, plant and
equipment (2,077) (1,641)
----------------------------------------------------------------------------
Net cash used in investing activities (65,285) (12,290)
Cash flows used in financing
activities:
Redemption of subordinated notes - (3,369)
Proceeds from revolving credit
facility borrowings 20,000
Repayments of revolving credit
facility borrowings - (20,000)
Repayment of project-level debt (11,841) (7,684)
Equity contribution from
noncontrolling interest 200 -
Dividends paid (47,599) (18,110)
----------------------------------------------------------------------------
Net cash used in financing activities (39,240) (49,163)
----------------------------------------------------------------------------
Net decrease in cash and cash
equivalents (40,852) (16,558)
Cash and cash equivalents at beginning
of period 49,850 37,327
----------------------------------------------------------------------------
Cash and cash equivalents at end of
period $ 8,998 $ 20,769
----------------------------------------------------------------------------
Supplemental cash flow information
Interest paid $ 16,587 $ 40,098
Income taxes paid (refunded), net $ (1,607) $ 651
Regulation G Disclosures
Cash Available for Distribution is not a measure recognized
under U.S. generally accepted accounting principles ("GAAP") and
does not have a standardized meaning prescribed by GAAP. Management
believes Cash Available for Distribution is a relevant supplemental
measure of the Company's ability to earn and distribute cash
returns to investors. A reconciliation of Cash Flows from Operating
Activities to Cash Available for Distributions is provided below.
Investors are cautioned that the Company may calculate this measure
in a manner that is different from other companies.
Adjusted EBITDA, earnings before interest, taxes, depreciation
and amortization (including non-cash impairment charges), is not a
measure recognized under GAAP and is therefore unlikely to be
comparable to similar measures presented by other issuers and does
not have a standardized meaning prescribed by GAAP. Management uses
Adjusted EBITDA at the Project-level to provide comparative
information about project performance. A reconciliation of Project
Adjusted EBITDA to project income is provided on the following
page. Investors are cautioned that the Company may calculate this
measure in a manner that is different from other issuers.
Atlantic Power Corporation
Cash Available for Distribution
(In thousands of U.S. dollars, except as otherwise stated)
Three months ended Nine months ended
September 30, September 30,
(unaudited) 2010 2009 2010 2009
----------------------------------------------------------------------------
Cash flows from operating
activities(1) 27,695 14,371 63,673 44,895
Project-level debt repayments (2,700) (1,270) (11,841) (7,684)
Interest on IPS portion of
subordinated notes(2) - 8,879 - 24,957
Purchase of property, plant and
equipment (557) (708) (2,077) (1,641)
----------------------------------------------------------------------------
Cash Available for Distribution 24,438 21,272 49,755 60,527
Interest on subordinated notes - 8,879 - 24,957
Dividends on Common Shares 15,904 6,438 47,618 18,110
----------------------------------------------------------------------------
Total distributions to
shareholders 15,904 15,317 47,618 43,067
Payout ratio 65% 72% 96% 71%
Expressed in Cdn$
Cash Available for Distribution 25,404 23,349 51,552 70,763
Total distributions to
shareholders 16,556 16,557 49,639 49,791
----------------------------------------------------------------------------
(1) Beginning in the first quarter of 2010, changes in restricted cash in
the consolidated statement of cash flows has been reported as an
investing activity to reflect the use of the restricted cash in the
current period. In previous periods, changes in restricted cash were
reported as cash flow from operating activities. The prior period
amounts have been reclassified to conform with the current year
presentation. This reclassification does not impact the consolidated
balance sheet or the consolidated statements of operations. We have
changed the classification of restricted cash because the revised
presentation is more widely used by companies in our industry.
(2) Prior to the common share conversion completed in November 2009,
holders of Income Participating Securities (IPSs) received monthly cash
distributions in the form of interest payments on subordinated notes
and dividends on common shares. Subsequent to the conversion, holders
of the Company's new common shares receive monthly cash distributions
in the form of a dividend at the annual rate of Cdn$1.094, which amount
is unchanged from the annual distribution rate before the conversion.
Atlantic Power Corporation
Project Adjusted EBITDA (in thousands of U.S. dollars)
Three months ended Nine months ended
September 30, September 30,
(unaudited) 2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Project Adjusted EBITDA by
individual segment
Auburndale $ 10,018 $ 9,707 $ 29,820 $ 28,254
Lake 9,325 5,128 23,937 20,749
Pasco 1,335 247 3,752 3,116
Path 15 7,318 7,061 21,348 20,894
Chambers 4,637 4,301 14,780 9,325
----------------------------------------------------------------------------
Total 32,633 26,444 93,637 82,338
Other Project Assets
Mid-Georgia - 657 - 2,043
Stockton - 55 - (1,059)
Badger Creek 699 733 2,209 2,465
Koma Kulshan 53 64 606 476
Orlando 2,185 2,110 5,856 6,085
Topsham 415 415 1,378 1,533
Delta Person 461 70 1,365 894
Gregory 1,373 954 3,656 3,225
Rumford - 655 (7) 1,963
Selkirk 3,927 3,860 10,983 11,507
Rollcast (249) (27) (628) (122)
Other 46 85 (237) (222)
----------------------------------------------------------------------------
Total adjusted EBITDA from
Other Project Assets
segment 8,910 9,631 25,181 28,788
Project income
Total adjusted EBITDA from
all Projects 41,543 36,075 118,818 111,126
Amortization 16,349 16,761 49,331 51,765
Interest expense, net 5,906 7,764 17,784 23,400
Change in the fair value of
derivative instruments 10,706 (938) 23,435 (1,531)
Other (income) expense 948 8,044 1,229 7,053
----------------------------------------------------------------------------
Project income as reported
in the statement of
operations $ 7,634 $ 4,444 $ 27,039 $ 30,439
Contacts: Atlantic Power Corporation Patrick Welch Chief
Financial Officer (617) 977-2700 info@atlanticpower.com
www.atlanticpower.com
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