Low Rainfall’s Just a Temporary Setback

Article Excerpt

ALGONQUIN POWER INCOME FUND $7.68 (Toronto symbol APF.UN; SI Rating: Extra Risk) now has direct or indirect interests in 47 hydroelectric facilities — 4 in Ontario, 12 in Quebec, 13 in New York State, 9 in New England, 1 in Alberta, 1 in New Jersey and 1 in Newfoundland. This represents total generating capacity of 140 megawatts. Algonquin also has interests in 5 natural gas-fired generating plants, a 99-megawatt wind plant, one energy-from-waste plant and two biomass facilities in Canada and the U.S., and 17 water distribution and wastewater treatment facilities in the U.S. In the three months ended December 31, 2007, revenues fell 14.8%, to $44.3 million from $52 million a year earlier. The decrease came from lower-than-average rainfall, a lower U.S. dollar and a closure for upgrading at the company’s Sanger plant in California. However, cash flow per unit rose 13%, to $0.26 from $0.23. Algonquin Power currently yields 12.0%. Algonquin continues to successfully integrate its acquisitions, most of which add…

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