Renewable energy producer Boralex Inc. says dry weather in Quebec and the northeastern U.S. are to blame for the company's decreased revenues this quarter, HydroWorld.com has learned.
The company reported US$16.2 million in earnings before interest, taxes, depreciation and amortization (EBITDA) on revenues of $33 million for the three-month period that ended Sept. 30, 2012.
In comparison, Boralex reported $16.7 million in EBITDA on $36.2 million in revenue for the same period in 2011.
Boralex notes, however, that the third quarter has traditionally been its weakest of the year due to the seasonal cycles of its two largest generating segments, wind and hydropower production.
"Despite the unfavorable weather conditions over the past six months, our hydroelectric power stations are excellent long-term prospects and remain major contributors to our bottom line, generating over $27 million in EBITDA for the first nine months of 2012," says Boralex President and Chief Executive Officer Patrick Lemaire.
HydroWorld.com reported in October that Boralex had closed its acquisition of the 22-MW Jamie Creek hydropower project near Gold Bridge, British Columbia, which will operate under a 40-year power purchase agreement with BC Hydro.
The company's generating portfolio includes 15 hydropower plants spread across Quebec, British Columbia, and Ontario in Canada and New York in the U.S.