Untitled Document

Hydropower still important asset despite production dip, Boralex says

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.

Related Articles

MHK development in Canada

Canadian provinces sign MOU to develop marine renewable energy

The Canadian provinces of Nova Scotia and British Columbia have signed a memorandum of under...

Manitoba Hydro seeks head cover repairs, hoist frame work at 250-MW Kelsey hydro project

Canadian utility Manitoba Hydro seeks bids to perform head cover repairs and hoist frame mod...

Canada utility extends call for excitation at 695-MW Keeyask hydro project

Canadian utility Manitoba Hydro has extended the deadline for bids to design, manufacture an...
Diver dies at Nova Scotia tidal facility

Diver dies while inspecting Canadian tidal facility

A diver died while inspecting the 20-MW Annapolis Royal tidal barrage owned by Nova Scotia P...

Recent Comments




Hydro Slideshows

more slideshows >>  

Hydro Whitepapers

Industry News

Editor's Picks

06/01/2015
Volume 34, Issue 5
05/01/2015
Volume 23, Issue 3

Buyers Guide Products