Brookfield Renewable's FFO decreases in Q3 2014

Nov 4, 2014 - Brookfield Renewable Energy Partners LP (TSE:BEP.UN) said today its funds from operations (FFO) declined to USD 61 million (EUR 48.8m) in the third quarter of 2014 from USD 108 million a year back.

Canada-based Brookfield Renewable operates a portfolio of power plants, mainly hydroelectric, with a combined capacity of over 6,700 MW. The company noted that the results registered in the third quarter of 2013 benefited from generation above the long-term average (LTA).

During the three months through September 30, 2014, the company recorded adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 223 million, down from USD 260 million a year earlier.

Revenues fell to USD 342 million from USD 392 million, as total third-quarter power generation dropped to 4,383 GWh from 5,154 GWh. For instance, the LTA is estimated at 5,065 GWh. Brookfield Renewable's share of total generation amounted to 3,418 GWh compared to 4,415 GWh.

Hydropower output decreased to 3,803 GWh from 4,539 GWh, with the biggest contribution of 2,183 GWh coming from hydroelectric plants in the US, down from 2,353 GWh. At the same time, wind generation increased to 566 GWh from 441 GWh.

Year-to-date FFO went down to USD 444 million from USD 457 million. Nine-month revenues were flat at USD 1.3 billion.

(USD 1.0 = EUR 0.798)

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