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TransAlta Renewables posts higher Q2 comparable EBITDA on strong wind generation

Transalta Renewables Inc. reported second-quarter 2017 comparable EBITDA of C$98 million, up from C$89 million in the same quarter of 2016.

The company attributed the increase to strong generation from its wind portfolio and unrealized mark-to-market gains on it gas supply contracts, according to an Aug. 9 news release.

Adjusted funds from operations totaled C$64 million, or 29 Canadian cents, up from C$55 million, or 25 Canadian cents per share, in the prior-year period. Cash available for distribution was C$43 million, or 19 Canadian cents per share, in the most recent quarter, compared to C$38 million, 17 Canadian cents per share, a year ago.

Second-quarter revenues more than doubled to C$112 million in 2017 from C$52 million in 2016.

The company posted second-quarter 2017 net earnings attributable to common shareholders of C$22 million, or 10 Canadian cents per share, compared to a net loss of C$15 million, or 7 Canadian cents per share, in the corresponding 2016 quarter.

Renewable energy production grew to 886 GWh in the second quarter of 2017, from 804 GWh in the same period in 2016.