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Cost savings contribute to increase in Atlantic Power Q4 project adjusted EBITDA

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Cost savings contribute to increase in Atlantic Power Q4 project adjusted EBITDA

Atlantic Power Corp. posted fourth-quarter 2017 project adjusted EBITDA of $62.2 million on project revenue of $100 million, compared with project adjusted EBITDA of $42.3 million on project revenue of $93.4 million in the same quarter of 2016.

Cash provided by operating activities totaled $31.3 in the most recent quarter, an increase from $20.4 million in the prior-year period, results released March 1 showed.

The independent power producer recorded a fourth-quarter net loss attributable to the company of $41.1 million, compared with a net loss of $6.6 million in the comparable period of 2016.

"We ended the fourth quarter with liquidity of $198 million, including approximately $40 million of discretionary cash, after paying off $54.6 million of Piedmont debt in October, 10 months ahead of its maturity," said James Moore Jr., Atlantic Power president and CEO.

On a full-year basis, Atlantic Power reported project adjusted EBITDA for 2017 of $288.8 million on project revenue of $431.0 million, compared with project adjusted EBITDA of $202.2 million and project revenue of $399.2 million a year earlier.

Cash provided by operating activities grew to $169.2 million in 2017, from $112.3 million a year earlier. "Our 2017 results for Project Adjusted EBITDA and Operating Cash Flow exceeded our guidance and expectations, mostly due to continued strong water flows at Curtis Palmer and the cost savings we have been able to achieve in Ontario," said James Moore Jr., president and CEO of Atlantic Power.

Full-year net loss attributable to the company totaled $98.6 million in 2017, compared with a net loss of $122.4 million in 2016.

The company said it repaid term loan and project debt of $79.6 million in fourth quarter and $165.9 million in 2017.

For 2018, Atlantic Power is targeting full-year project adjusted EBITDA in the range of $170 million to $185 million. The company expects to pay $100 million of debt this year.