Calpine Power Income Fund Announces Solid Financial Results for Third Quarter of 2004 and Cash Distributions for November and December 2004.
Business Wire › November 10, 2004
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Calpine Power Income Fund Announces Solid Financial Results for Third Quarter of 2004 and Cash Distributions for November and December 2004.
CALGARY, Alberta -- Calpine Power Income Fund (TSX:CF.UN) today announced its results for the nine months ending September 30, 2004. Based upon current forecast, cash distributions for the months of November and December 2004 will be $0.081 per trust unit.
--------------------------------------------------------------------- Ex-Distribution Distribution Distribution Record Date Date Date per Unit --------------------------------------------------------------------- Nov. 30, 2004 Nov. 26, 2004 Dec. 20, 2004 $0.081 --------------------------------------------------------------------- Dec. 31, 2004 Dec. 29, 2004 Jan. 20, 2005 $0.081 --------------------------------------------------------------------- The above reflects distributions expected to be paid, however, distributions are subject to change based upon actual conditions. --------------------------------------------------------------------- "We are pleased to report another quarter of solid operational results from all of our facilities" said Toby Austin, President and Chief Executive Officer of Calpine Canada Power Ltd., manager of the Calpine Power Income Fund. "The performance of our facilities and investments has been above expectations and we are very pleased with the strong financial results. We have completed all of the work in connection with the Island Facility upgrade and can report strong improvements in overall capacity, together with reductions in heat rate, improving that facility's overall efficiency. High levels of availability at our other plants have also contributed to our solid success." MANAGEMENT'S DISCUSSION AND ANALYSIS The following discussion and analysis as provided by Management should be read in conjunction with the accompanying unaudited consolidated financial statements and the notes thereto of Calpine Power Income Fund (the "Fund") and Calpine Power, L.P. (the "Partnership") for the three and nine months ended September 30, 2004 and 2003 and is based on information to November 9, 2004. The following discussion and analysis should also be read in conjunction with the audited consolidated financial statements and related management's discussion and analysis (the "Annual MD&A") contained in the 2003 Annual Report. All dollar amounts are shown in Canadian dollars unless otherwise specified. THIRD QUARTER HIGHLIGHTS - For the three and nine months ended September 30, 2004, the Calgary Energy Centre operated at 93% and 87% availability and generated 214,795 MWh and 594,378 MWh, respectively. - For the three and nine months ended September 30, 2004, the Island Cogeneration Facility (the "Island Facility") operated at 100% and 80% availability and generated 495,585 MWh and 1,123,567 MWh, respectively. The plant has been available 100% since the completion of the upgrade in the second quarter. - For the three and nine months ended September 30, 2004, the Whitby Cogeneration Facility (the "Whitby Facility") operated at 99% and 96% availability, respectively and generated 84,716 MWh and 266,846 MWh respectivly. - For the three and nine months ended September 30, 2004, the Fund recognized $5.1 million and $11.7 million in finance income relating to the lease of the King City Facility as well as $2.1 million and $3.6 million in interest income relating to the loan with the Calpine Canada Power Ltd. (the "Manager"). The King City Facility operated at 97% and 98% availability and generated 248,120 MWh and 345,600 MWh, during the same periods. - All plants are operating at or exceeding target levels of financial results. - Distributable Cash of $15.0 million and $41.3 million was generated for the three and nine months ended September 30, 2004 for distribution to the Fund's Unitholders. - Distributable Cash per Trust Unit of the Fund was $0.2430 and $0.7273 for the three months and nine months ended September 30, 2004, respectively. The Fund is an unincorporated open-ended trust established under the laws of Alberta. The Fund indirectly owns interests in the Island Facility located in British Columbia, the Calgary Energy Centre located in Alberta and the King City Facility located in California and a promissory note issued by the Manager. The Fund also indirectly owns an economic interest in the Whitby Facility located in Ontario through a participating loan (the "Whitby Loan"). The power generation facilities, owned by the Fund and the Partnership, are modern and environmentally friendly, powered by high-efficiency natural gas-fired turbines, and have long-term energy sales agreements. The Fund and the Partnership are administered and managed by the Manager an indirect wholly-owned subsidiary of Calpine. The Fund's objectives are to provide, on a per Trust Unit basis, a stable and sustainable flow of Distributable Cash of the Fund. The Manager aims to achieve the Fund's objectives by maximizing the efficiency and profitability of the Facilities and by acquiring or developing future facilities in accordance wi...See the full content of this document
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