Atlantic Power Corp. reported Aug. 3 second-quarter 2017 project adjusted EBITDA of $85.4 million, up from $46.2 million in the same quarter of 2016.
The increase reflects revenues received under the global adjustment settlement in Ontario and the positive impact of the enhanced dispatch agreements and the expiration of an unfavorable fuel contract at the North Bay and Kapuskasing facilities.
Second-quarter project revenue grew to $124 million in 2017, from $98.2 million a year ago, while cash provided by operating activities was $50.9 million, an increase from $24.3 million in the 2016 second quarter.
Atlantic Power posted a second-quarter project loss of $12.1 million, compared with project income of $25.2 million in the year-ago period.
The result was negatively impacted by a $57.7 million impairment expense recorded at the company's equity-owned Chambers Cogeneration and Selkirk Cogeneration projects, a $14.9 million change in fair value of derivative instruments and higher depreciation expense of $4 million, partially offset by higher revenues and lower fuel and operations and maintenance expense.
The company recorded a second-quarter net loss attributable to the company of $21.9 million, or a loss of 19 cents per share, compared with a net loss of $18.5 million, or a loss of 15 cents per share, a year ago.
The increase in second-quarter losses was due to the impairment expense, higher depreciation expense and a $14.9 million negative change in the fair value of noncash derivative instruments.
Atlantic Power reaffirmed its full-year 2017 project adjusted EBITDA guidance range of $250 million to $265 million and its guidance range for cash provided by operating activities of $155 million to $170 million.