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BRIEF-Atlantic Power provides update on status of three Ontario facilities

Stock Markets Jan 09, 2017 18:10
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© Reuters. BRIEF-Atlantic Power provides update on status of three Ontario facilities

Jan 9 (Reuters) - Atlantic Power Corp ATP.TO -

* Atlantic Power provides update on status of three Ontario facilities

* Revised contractual arrangements for, and operational status of, its Kapuskasing, North Bay and Nipigon facilities in ontario

* Effective for 2017, unit has signed nug enhanced dispatch contracts with Ontario independent electricity system operator for 3 facilities

* Does not expect revised contractual arrangements for three facilities to have a cash impact on its 2016 financial results

* APLP has agreed to terminate power purchase agreements with ontario electricity financial corporation for Kapuskasing, North Bay plants

* Atlantic Power Corp says enhanced dispatch contract for Nipigon provides fixed monthly payments to that plant through October 31, 2018

* Impact on 2017 financial results is expected to be positive as compared to corresponding results under previous arrangements for 3 plants

* APLP has agreed to suspend for a period Nipigon power purchase agreements, which is scheduled to expire in dec 2022

* Amortization of intangible assets related to power purchase agreements must be accelerated, resulting in non-cash expense about $13 million

* Non-cash amortization expense will be included in 2016 net income rather than being expensed over course of 2017

* Company also has begun process of Mothballing Nipigon Source text for Eikon: ID:nPn2Xv0dKa Further company coverage: ATP.TO

BRIEF-Atlantic Power provides update on status of three Ontario facilities
 

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