Innergex Power Income Fund (Innergex) has reported gross operating revenues of $59.4 million for the year-end 2008, compared with the gross operating revenues of $40.4 million in the previous year. It also reported adjusted net income of $12.5 million, or $0.42 per unit, for the year-end 2008, compared with the adjusted net income of $9.9 million, or $0.39 per unit, in the previous year.
Innergex’s total power generation for the fourth quarter of 2008 reached 220,299 MW-hr, a 43% increase over the same quarter in 2007 and 9% more than the long-term average. This rise is largely attributable to improved weather conditions that resulted in a 10% increase in power generation at its hydroelectric facilities over the same quarter in the previous year. Growth in power generation is also the result of the Baie-des-Sables and L’Anse-à-Valleau wind farms’ participation during the entire quarter in 2008, versus 26 days in the same quarter of 2007. Power generation at the hydroelectric facilities and wind farms was, respectively, 13% and 3% higher than the long-term average. This rise in production led to a concomitant increase in gross operating revenues, totaling $14.7 million, which translates to 38% growth compared to the same quarter in 2007.
Total power generation for the 2008 fiscal year was 862,394 MW-hr versus 608,509 MW-hr for financial year 2007, a 42% increase, largely attributable to the Baie-des-Sables and L’Anse-à-Valleau wind farms contributing to a full year’s results, generating 213,632 MW-hr in 2008 versus 18,257 MW-hr in 2007. Favorable hydrology conditions, bringing about a 10% increase in hydroelectric power generation, were also instrumental in achieving these strong results over financial year 2007. Gross operating revenues total $59.4 million, a 47% increase over 2007 results.
Net Distributable Cash And Cash Distributions
Net distributable cash for the fourth quarter of 2008 rose to $6.9 million and distributions to unitholders to $7.3 million, compared to $6.0 million and $6.3 million respectively for the same period in 2007.
Net distributable cash for the Fund in 2008 totalled $28.7 million, with declared distributions of $29.4 million, versus $23.7 million in net distributable cash and $24.2 million in declared distributions to unitholders in 2007. Distribution payout ratios for the fourth quarter and twelve-month period in 2008 were 107% and 102% respectively, compared to 105% and 102% for the corresponding periods in 2007. The Fund used accumulated cash on hand to maintain its distributions to unitholders during the fourth quarter and in 2008.