Two power trusts for income seekers

Article Excerpt

ALGONQUIN POWER INCOME FUND $2.39 (Toronto symbol APF.UN; Units outstanding: 77.6 million; Market cap: $185.6 million; SI Rating: Extra Risk) owns or has interests in 41 hydroelectric facilities — 13 in New York State, 12 in Quebec, nine in New England, four in Ontario, one in Alberta, one in New Jersey and one in Newfoundland. This gives Algonquin total hydroelectric generating capacity of 141 megawatts. Algonquin also has interests in five natural gas-fired plants, a 99-megawatt wind plant, one energy-from-waste plant and two biomass (burning plant matter such as wood chips) facilities in Canada and the U.S., and 17 water distribution and wastewater treatment facilities in the U.S. In the three months ended September 30, 2008, revenues rose 18.6%, to $55.1 million from $46.4 million a year earlier. The increase came because Algonquin’s plants generated more power and energy rates rose. However, cash flow per unit fell 20.8%, to $0.19 from $0.24, mostly due to higher costs. Algonquin cut its monthly distribution late…

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