Slower than expected snowpack melt and the continuation of unplanned maintenance needs at the Brandwine plant, extending from Q2 into Q3, were the main reasons for the 8% drop in revenues to approximately Can$665,000 (US$534,000) in the quarter compared to last time. Output was down just over 9% to 11,484MWh in the three months to 30 September.
The company said that snowpack melt conditions have returned to normal and the plant repairs have been completed, resulting in normal output.
Following the close of the quarter, RoRP announced receipt of early legislative approval for two clusters of projects being developed in the Klinaklini and Mosley catchments in British Columbia. There are 16 projects, in total, and their combined installed capacity would be 280MW – 184MW and 96MW in the Klinaklini and Mosley basins, respectively.
The company is also advancing feasibility studies and permitting work for the Mamquam (42MW) and Upper Pitt Power (155MW) clusters.
Higher administrative costs for the accelerated development of the projects led to an almost two-thirds fall in earnings before interest, taxes, depreciation and amortisation (Ebitda) to Can$58,400 (US$46,800), deeper net losses and a turn to negative cash flow in Q3 compared to the same quarter in 2007.
