Atlantic Power Corporation Releases Second Quarter 2013 Results

BOSTON, Aug. 8, 2013 /CNW/ - Atlantic Power Corporation (NYSE: AT) (TSX: ATP) 
("Atlantic Power" or the "Company") today released its results for the three 
and six months ended June 30, 2013. 
All amounts are in U.S. dollars unless otherwise indicated. Cash Available for 
Distribution, Cash Distributions from Projects, Payout Ratio, and Project 
Adjusted EBITDA are not recognized measures under generally accepted 
accounting principles in the United States ("GAAP") and do not have 
standardized meanings prescribed by GAAP; therefore, these measures may not be 
comparable to similar measures presented by other companies. Please see 
"Regulation G Disclosures" attached to this news release for an explanation 
and the GAAP reconciliation of "Cash Available for Distribution", "Cash 
Distributions from Projects", "Payout Ratio" and "Project Adjusted EBITDA" as 
used in this news release. 
YTD June 2013 Financial Highlights 


    --  Project income of $46.7 million increased $91.2 million from
        YTD June 2012
    --  Cash flows from operating activities of $96.9 million increased
        $7.6 million from YTD June 2012
    --  Project Adjusted EBITDA increased $24.9 million from YTD June
        2012 to $136.8 million, or approximately half of the Company's
        full-year guidance midpoint
    --  Cash Available for Distribution, including discontinued
        operations, of $75.0 million increased $2.2 million from YTD
        June 2012
    --  Dividend Payout Ratio for the six months ended June 30, 2013
        was 48%

Q2 2013 Financial Highlights
    --  Project income increased $23.1 million from Q2 2012
    --  Cash flows from operating activities declined $15.7 million
        from Q2 2012, primarily due to asset sales and disposition
        costs, partly offset by new projects and realized foreign
        exchange gains
    --  Project Adjusted EBITDA increased $10.8 million from Q2 2012,
        primarily from new projects
    --  Cash Available for Distribution and Payout Ratio were negative,
        primarily due to lower cash flows from operating activities as
        described above, higher project capital expenditures and
        additional project debt repayments
    --  Achieved mid-year goal of accumulating approximately $150
        million of excess cash

Recent Developments
    --  Took actions to reduce administration and early-stage project
        development budget by approximately $8 million, with benefits
        expected to be realized in 2014
    --  Executed amendment to the Company's senior credit facility on
        August 2
    --  Completed the sale of the Company's 17% interest in the Gregory
        project for net cash proceeds of $34.6 million on August 7
    --  Received Piedmont federal grant proceeds of $49.5 million and
        repaid the project's bridge loan of $51.0 million in July
    --  Reaffirmed guidance for 2013 Project Adjusted EBITDA, Cash
        Available for Distribution and Payout Ratio and for 2014 Payout
        Ratio

"Our operating and financial results for the year remain on track, with 
significant contributions to earnings and cash flows from new projects, 
particularly Canadian Hills and Meadow Creek," said Barry Welch, President and 
CEO of Atlantic Power.  "We achieved our mid-year excess cash target and 
expect to build on that.  Our plan is to prioritize the use of a substantial 
amount of this excess cash for debt reduction, which would benefit cash flows, 
strengthen our balance sheet and help to improve our cost of capital.  We also 
continue to look selectively at potential investments in accretive growth 
projects.  In addition, we recently implemented changes that will meaningfully 
reduce our administration expense and project development budget."

Atlantic Power Corporation

Table 1 – Selected Results

(in millions of U.S. dollars, except as otherwise stated)

Unaudited
                  Three months ended June 30, Six months ended June 30,
                  2013    2012                2013    2012

Excluding results
from discontinued
operations((1))

Project revenue   $139.0  $101.4              $279.2  $220.1

Project income    15.6    (7.5)               46.7    (44.5)
(loss) ((2))

Project Adjusted  56.2    45.4                136.8   111.9
EBITDA ((3))

Cash
Distributions     50.8    41.3                105.1   95.0
from Projects (
(3))

Aggregate power
generation        2,076.2 1,394.0             3,988.5 2,886.5
(thousands of Net
MWh)

Weighted average  93.1%   94.8%               94.1%   92.2%
availability

Including results
from discontinued
operations

Cash flows from
operating         $7.2    $22.9               $96.9   $89.3
activities ((4))

Cash Available
for Distribution  (6.7)   13.0                75.0    72.8
((3))

Total cash
dividends         11.0    32.3                36.3    65.1
declared to
shareholders

Payout ratio (    (165)%  249%                48%     89%
(3))

((1) )The Path 15 transmission line ("Path 15"), Auburndale Power
Partners, L.P. ("Auburndale"), Lake CoGen, Ltd. ("Lake") and Pasco
Cogen , Ltd. ("Pasco") (collectively, the "Sold Projects") were sold in
April 2013, and accordingly, the revenues, project income (loss),
Project Adjusted EBITDA and Cash Distributions from Projects of these
assets have been classified as discontinued operations for the three
and six months ended June 30, 2013 and 2012, which means that the
results from these discontinued operations are excluded from these
figures. The results for discontinued operations have also been
excluded from the aggregate power generation and weighted average
availability statistics. Under GAAP, the cash flows attributable to the
Sold Projects are included in cash flows from operating activities as
shown on the Consolidated Statement of Cash Flows; therefore, the
Company's calculations of Cash Available for Distribution and Payout
Ratio as shown herein also include cash flows from the Sold Projects.

((2) )The Company has long-term gas purchase contracts for three of its
gas-fired projects in Ontario. These contracts are accounted for in the
Company's financial statements as derivative financial instruments.
Each accounting period, the Company is required to "mark to market" the
fair value of these derivatives. When the market price of gas
increases, the fair value of the derivative increases and the Company
incurs an unrealized gain; when the market price of gas declines, the
fair value declines and the Company incurs an unrealized loss. These
unrealized gains and losses are included in the Company's statement of
operations and the appropriate adjustments are made to the carrying
value of the derivative instrument on the Company's balance sheet.
These mark-to-market adjustments do not affect the Company's cash
flows, nor do they affect the actual cash outlay for the natural gas
purchased to supply the Company's plants.

((3) )Project Adjusted EBITDA, Cash Available for Distribution, Cash
Distributions from Projects and Payout Ratio are not recognized
measures under GAAP and do not have any standardized meaning prescribed
by GAAP; therefore, these measures may not be comparable to similar
measures presented by other companies. Please refer to Table 9 for
reconciliations of these non-GAAP measures to GAAP measures.

((4) )As discussed in the Company's quarterly report on Form 10-Q for
the fiscal quarter ended June 30, 2013, the Company reclassified $
(15.5) million of cash flows from operations to construction in
progress, which is included in cash flows from investing activities,
for the three months ended March 31, 2013. This increased cash flows
from operations and Cash Available for Distribution for the six months
ended June 30, 2013 by $15.5 million and lowered the Payout Ratio for
the same period. The reclassification had no impact on results for the
three months ended June 30, 2013.

Financial Review for the Three and Six Months Ended June 30, 2013

GAAP Measures

Cash flows from operating activities, which include cash flows from 
discontinued operations, decreased by $15.7 million to $7.2 million for the 
three months ended June 30, 2013 compared to $22.9 million for the same period 
a year ago, but increased $7.6 million to $96.9 million for the six months 
ended June 30, 2013 compared to $89.3 million for the same period in 2012.  
Factors positively affecting the three- and six-month performance included the 
cash flows from new projects the Company added in December 2012, particularly 
its Canadian Hills and Meadow Creek wind projects, increased cash flows from 
the Company's equity method projects, and realized foreign exchange gains on 
forward contract settlements, including a $9.4 million gain from contracts 
terminated in April 2013.  In the three-month period ended June 30, 2013 these 
positive factors were more than offset by the reduced cash flow contributions 
from assets that were divested in April 2013 (including the Sold Projects), 
including costs of approximately $3 million associated with these dispositions 
and higher legal expenses.

Project income increased by $23.1 million to $15.6 million and by $91.2 
million to $46.7 million for the three and six months ended June 30, 2013, 
respectively, compared to project loss of $(7.5) million and $(44.5) million 
for the same periods in 2012, respectively.  The increase for the three-month 
period ended June 30, 2013 relates primarily to unrealized gains in the fair 
value of gas purchase agreements at the Company's Nipigon project and the fair 
value of interest rate swaps in the Company's Northwest segment.  The increase 
for the six months ended June 30, 2013 relates primarily to non-cash, 
mark-to-market adjustments to reflect the fair value of gas purchase 
agreements in the Company's Northeast segment and the fair value of interest 
rate swaps in the Company's Northwest segment.  Generally, reported project 
income can fluctuate significantly due to impacts from non-cash mark-to-market 
fair value of derivatives adjustments.

Non-GAAP Measures

Project Adjusted EBITDA, which includes earnings from the Company's equity 
method investments but excludes the results of discontinued operations, 
increased by $10.8 million to $56.2 million and by $24.9 million to $136.8 
million for the three and six months ended June 30, 2013, respectively, 
compared to $45.4 million and $111.9 million for the same periods in 2012, 
respectively.  The increases over the prior-year periods are primarily due to 
contributions from new projects added in December 2012, which includes $7.8 
million and $14.6 million from Canadian Hills for the three and six months 
ended June 30, 2013, respectively, and $3.5 million and $6.5 million from 
Meadow Creek for the three and six months ended June 30, 2013, respectively.  
Results for the three- and six-month periods in 2012 included $3.6 million 
from the settlement of a PPA dispute at the Company's Chambers project in the 
second quarter of 2012.  The Company has not reconciled non-GAAP financial 
measures relating to individual projects to the directly comparable GAAP 
measures due to the difficulty in making the relevant adjustments on an 
individual project basis.

Cash Distributions from Projects, which excludes cash distributions from 
discontinued operations, increased by $9.5 million to $50.8 million and by 
$10.1 million to $105.1 million for the three and six months ended June 30, 
2013, respectively, compared to $41.3 million and $95.0 million for the same 
periods in 2012, respectively.  Increased distributions from projects in the 
Northeast segment as well as initial distributions from Canadian Hills (which 
was added in December 2012), were the primary factors driving the increase for 
YTD June 2013 over the same period in 2012.  These increases were offset by 
decreased distributions in the Southwest segment for the YTD June 2013 
compared to the same prior year period.   Meadow Creek, also added in December 
2012, has not yet made distributions but is expected to make its first 
distribution in the third quarter of 2013 as permitted under its project-level 
debt arrangements.  The Company continues to expect project distributions from 
Canadian Hills of $15 to $19 million and from Meadow Creek of $7 to $8 million 
on a multi-year average annual basis.

Cash Available for Distribution, which includes the impact of discontinued 
operations, decreased by $19.7 million to $(6.7) million and increased by $2.2 
million to $75.0 million for the three and six months ended June 30, 2013, 
respectively, compared to $13.0 million and $72.8 million for the same periods 
in 2012, respectively.  The decrease for the three months ended June 30, 2013 
over the prior-year period is primarily due to a reduction in cash flows from 
operating activities (as described earlier in that section under GAAP 
Measures), further reduced by planned higher capital expenditures at Meadow 
Creek related to completion of punch list items and at Curtis Palmer for new 
turbines and additional project debt repayments attributable to the new 
projects (Meadow Creek, Piedmont and Rockland).  The increase for the six 
months ended June 30, 2013 over the prior-year period is primarily due to the 
increase in cash flows from operating activities, partially offset by higher 
capital expenditures and modestly higher project debt repayments as described 
above.

Dividend Payout Ratio for the three and six months ended June 30, 2013 was 
(165)% and 48%, respectively, compared to 249% and 89%, respectively, in the 
comparable prior-year periods.  The negative Payout Ratio in the three-month 
period ended June 30, 2013 reflects negative Cash Available for Distribution 
as discussed in the preceding paragraph.  The Company's Payout Ratio 
fluctuates from quarter to quarter and in the second and fourth quarters of 
the year is typically adversely affected by the seasonality of the Company's 
operations as well as the timing of semi-annual interest payments on the 
Company's Senior Notes.  For the six-month period ended June 30, 2013, the 
decrease in the Payout Ratio reflects the modest increase in Cash Available 
for Distribution as discussed in the preceding paragraph and the impact of the 
lower dividend rate, which was effective beginning in March of 2013.  For 
further information, attached to this news release is a reconciliation of Cash 
Available for Distribution and Payout Ratio to cash flows from operating 
activities (Table 9).

Sold Projects/Discontinued Operations Financial results for the three and six 
months ended June 30, 2013 and June 30, 2012 are affected by the 
classification of the Company's interests in the Sold Projects as discontinued 
operations; accordingly, the revenues, project income, Project Adjusted EBITDA 
and Cash Distributions from Projects for the Sold Projects have been 
classified as discontinued operations and are excluded from continuing 
operations results.  The results for the Sold Projects have been separately 
stated in the Consolidated Statements of Operations as "Income from 
discontinued operations, net of tax".

Project income attributable to the Sold Projects was $(0.3) million and $1.0 
million for the three and six months ended June 30, 2013, respectively, 
compared to $19.1 million and $31.3 million, respectively, for the same 
periods in 2012.  Project Adjusted EBITDA attributable to the Sold Projects 
was $5.4 million and $36.2 million for the three and six months ended June 30, 
2013, respectively, compared to $27.4 million and $53.6 million, respectively, 
for the same periods in 2012.

Under GAAP, the cash flow attributable to the Sold Projects is included in 
cash flows from operating activities as shown on the Consolidated Statement of 
Cash Flows; therefore, the Company's calculations of Cash Available for 
Distribution and Payout Ratio as shown herein also include cash flow from the 
Sold Projects. Cash Available for Distribution from the Sold Projects for the 
six months ended June 30, 2013 was $37 million compared to $41 million for the 
same period in 2012.

The Company has not reconciled non-GAAP financial measures relating to the 
Sold Projects to the directly comparable GAAP measures due to the difficulty 
in making the relevant adjustments on an individual project basis.  The 
Delta-Person generating station ("Delta-Person"), which is under a purchase 
and sale agreement, and the Gregory project ("Gregory"), which was sold on 
August 7, are included in the Company's financial results from continuing 
operations for the three and six months ended June 30, 2013 and 2012, as the 
projects are accounted for under the equity method of accounting.

Supplementary Financial Tables

For further information, attached to this news release is a summary of Project 
Adjusted EBITDA by segment for the three and six months ended June 30, 2013 
and 2012 (Table 7) with a reconciliation to Project income (loss); a bridge 
from Project Adjusted EBITDA to Cash Distributions from Projects by segment 
for the six months ended June 30, 2013 (Table 8A) and the six months ended 
June 30, 2012 (Table 8B); a reconciliation of Cash Distributions from Projects 
and Project Adjusted EBITDA to Net income (loss) for the three and six months 
ended June 30, 2013 and 2012 (Table 9); a reconciliation of Cash Available for 
Distribution and Payout Ratio to cash flows from operating activities for the 
three and six months ended June, 2013 and 2012 (Table 9); and a summary of 
Project Adjusted EBITDA for selected projects (top contributors based on the 
Company's 2013 budget, representing approximately 75% to 80% of total Project 
Adjusted EBITDA) for the three and six months ended June 30, 2013 and 2012 
(Table 10).

Reaffirming 2013 Guidance
    --  Annual Project Adjusted EBITDA guidance of $250 to $275 million
    --  Annual Cash Available for Distribution guidance of $85 to $100
        million
    --  Annual Payout Ratio guidance of 65% to 75%, including cash
        flows from discontinued operations

Project Adjusted EBITDA

The Company is reaffirming its previous guidance for 2013 Project Adjusted 
EBITDA in the range of $250 to $275 million.  (Note that Project Adjusted 
EBITDA attributable to the Sold Projects is excluded from both the three and 
six months ended June 30, 2013 results and from 2013 guidance.)

Cash Available for Distribution

The Company is reaffirming its previous guidance for 2013 Cash Available for 
Distribution in the range of $85 to $100 million.  (Note that Cash Available 
for Distribution includes cash flows from discontinued operations.  Cash 
Available for Distribution from discontinued operations for the six months 
ended June 30, 2013 was $37 million and it is expected to approximate that 
level for the full year 2013 as well.)  The Company has not reconciled 
non-GAAP financial measures relating to the Sold Projects to the directly 
comparable GAAP measures due to the difficulty in making the relevant 
adjustments on an individual project basis.

Dividend Payout Ratio for 2013 and 2014

The Company is reaffirming its guidance range for 2013 Payout Ratio of 
approximately 65% to 75%, including cash flows from discontinued operations.  
On a pro forma basis, reflecting the lower dividend rate for a full year and 
excluding cash flows from discontinued operations, the 2013 Pro Forma Payout 
Ratio is expected to be less than 100%.

The Company is also reaffirming its 2014 Payout Ratio guidance of 75% to 85%.  
The $11 millionNipigon capex project (to upgrade the project's heat recovery 
steam generator) remains under consideration for 2014, pending receipt of all 
necessary approvals and permits, but is not currently included in the 
Company's 2014 Payout Ratio guidance.  If a decision were made to proceed with 
the project, the cash outlay would be reflected in guidance and the 2014 
Payout Ratio would be expected to exceed the guidance range of 75% to 85%.

See Table 2 for full-year 2013 guidance compared to results for the six months 
ending June 30, 2013.

Atlantic Power Corporation

Table 2 – 2013 Annual Guidance v. results for the six months
ended June 30, 2013

(in millions of U.S. dollars, except as otherwise stated)


                                                 Six months ended
Unaudited                       2013 Annual Guidance 
                                                 June, 30 2013 
Project Adjusted EBITDA ((1)    $250 - $275          $136.8
(2)) 
Cash Available for Distribution $85 - $100           $75.0
((2)(3)) 
Total cash dividends declared   $60                  $36.3
to shareholders 
Payout Ratio, including
discontinued operations ((2)    65% - 75%            48%
(3)) 
(1) The Sold Projects have been classified as discontinued operations.
Accordingly, the Project Adjusted EBITDA of these assets has been
classified as discontinued operations for the three and six months
ended June 30, 2013, which means that the results from these
discontinued operations are excluded from this figure. 
(2) Project Adjusted EBITDA, Cash Available for Distribution and
Payout Ratio are not recognized measures under GAAP and do not have
any standardized meaning prescribed by GAAP; therefore, these measures
may not be comparable to similar measures presented by other
companies. Please refer to Table 9 for a reconciliation of these
non-GAAP measures to GAAP. The Company has not provided a
reconciliation of forward-looking non-GAAP measures, due primarily to
variability and difficulty in making accurate forecasts and
projections, as not all of the information necessary for a
quantitative reconciliation is available to the Company without
unreasonable efforts. 
(3) Under GAAP, the cash flows attributable to the Sold Projects are
included in cash flows from operating activities as shown on the
Consolidated Statement of Cash Flows; therefore, the Company's
calculations of Cash Available for Distribution and Payout Ratio as
shown herein also include cash flows from the Sold Projects. 
Liquidity 
Bank facility amended.  On August 2, 2013, the Company entered into an 
amendment to its revolving senior credit facility (the "amended credit 
facility"), which, among other things, reduced the capacity of its revolver to 
$150 million from $300 million, all $150 million of which may be utilized for 
letters of credit (as compared to the previous $200 million that could have 
been utilized for letters of credit) and a sublimit of $25 million which may 
be utilized for other borrowings, and amended the maturity date of the 
revolver from November 2015 to March 2015.  The required interest coverage and 
leverage ratios and other covenants were also amended.  The Company expects to 
meet the covenants under the amended credit facility for the next 12 months, 
and was in compliance with these covenants as of August 5, 2013.  The Company 
believes that it will be able to generate sufficient amounts of cash and cash 
equivalents to maintain its operations and meet obligations as they become due 
for the next 12 months.  For a description of the changes to the revolving 
senior credit facility, see the Company's Current Report on Form 8-K filed on 
August 2, 2013 and the Company's Quarterly Report on Form 10-Q for the quarter 
ended June 30, 2013. 
Levels of and planned uses of excess cash.  At June 30, 2013, the Company had 
$196 million of unrestricted cash.  Net of a planned cash reserve of $50 
million, available excess cash was $146 million, in line with the Company's 
mid-year objective of $150 million.  The Company expects to have approximately 
$230 million of unrestricted cash at year-end 2013.  Under the amended credit 
facility, the Company is required to maintain an unrestricted cash reserve of 
at least $75 million.  Net of that reserve, the Company expects to have 
available excess cash at year-end 2013 of approximately $155 million.  The 
Company intends to prioritize the use of a substantial amount of its excess 
cash for debt reduction to the extent permitted under the amended credit 
facility.  In addition, the Company intends to continue to look selectively at 
investments in accretive growth projects. 
See Table 3 for projected year-end 2013 liquidity compared to the actual and 
pro forma levels at June 30, 2013. 
Atlantic Power Corporation
Table 3 – Liquidity (in millions of U.S. dollars) 
                        Pro Forma (         Projected
Unaudited    June 30,       (1)) 
         2013                               Year-end 2013 


                            June 30, 2013

Unrestricted $196           $196                $230
cash

Less: cash
reserve (    (50)           (75)                (75)
(2))

Available    $146           $121                $155
cash

Borrowing
capacity     $218     ((3)) $25           ((4)) $25           ((4))
under
revolver

Total        $364           $146                $180
Liquidity

((1)) Represents pro forma liquidity as of June 30, 2013 pursuant
to the August 2, 2013 amended credit facility.
((2) )Actual June 30, 2013 is a planned reserve; pro forma June 30,
2013 and projected year-end 2013 figures represent required
reserves (becomes restricted cash) under the amended credit
facility.
((3) )Capacity of $300 million reduced by $82.5 million in
outstanding letters of credit.
((4)) Excludes letter of credit capacity of $150 million.

Business Update

Reductions to Administration and Development Budget

During July the Company implemented changes in several key areas that are 
expected to result in an approximate $8 million reduction to administration 
and early-stage project development expenses as compared to its previous 
budget.  The expense reductions are expected to occur in three broad areas, 
which are, in order of significance:  (1) reduction in the early-stage 
development budget, both for personnel and third-party expenses, consistent 
with de-emphasizing early-stage development projects; (2) consolidation of 
accounting and finance functions in two offices, down from three; and (3) 
additional synergies from realignment of the operational organization and full 
integration of areas such as health care, plant insurance, IT, travel and 
other functions throughout the Company.

The Company expects to incur costs associated with implementing these changes, 
the majority of which will be recorded in the third and fourth quarters of 
2013.  The net impact on cash flows is expected to be approximately neutral in 
2013.  The savings from these changes are expected to be realized in 2014 on a 
run-rate basis.  However, the Company may experience increases in unrelated 
costs such as those associated with its debt reduction objectives and plant 
optimization initiatives.  The net impact on cash flows is expected to be 
positive in 2014 but within the range of the Company's Payout Ratio guidance, 
which is unchanged.

Executing Non-Core Asset Sales

On August 7, 2013, the Company, along with its partners, completed the 
previously announced sale of its 17% interest in the Gregory project for net 
cash proceeds of approximately $34.6 million in the aggregate, after repayment 
of project-level debt and transaction expenses.  Pursuant to the terms of the 
purchase and sale agreement, approximately $5 million of these proceeds will 
be held in escrow for up to one year following the closing date.

As previously disclosed, in December 2012, the Company signed a purchase and 
sale agreement with PNM, a subsidiary of PNM Resources, Inc., pursuant to 
which the Company and its partners in the investment have agreed to sell 
Delta-Person.  The Company expects this transaction to close in the fourth 
quarter of 2013, subject to receipt of all required approvals, and expects to 
receive net cash proceeds of approximately $8.9 million.

Piedmont Update

Commercial operation of Piedmont Green Power ("Piedmont") was achieved on 
April 19.  Since then, the Company has been focused on improving Piedmont's 
operating performance.  Piedmont is working through a dispute with the 
contractor, Zachry Industrial, Inc. ("Zachry"), about its performance 
obligations under the turnkey engineering, procurement and construction 
contract; an arbitration process has recently started.  Discussions are also 
under way with the project lenders regarding conversion of the project's 
construction loan ($75.1 million outstanding) to a term loan, targeted for 
later this year.

The Company expects Project Adjusted EBITDA for Piedmont to be below full-year 
levels in 2013 due to the delay in and costs associated with achieving 
commercial operation and optimizing performance.  The Company does not expect 
to receive any distributions from Piedmont in 2013.  The Company believes that 
$6 to $8 million of annual project distributions from Piedmont on a full-year 
run-rate basis remains a reasonable estimate but expects to provide an updated 
outlook on that estimate as well as expectations for 2014 after gaining 
additional operating history, resolving the final settlement amounts in its 
dispute with Zachry and achieving term conversion of the project's 
construction loan.

In May 2013, Piedmont submitted an application under the federal 1603 grant 
program.  In July, the grant was approved and $49.5 million was received from 
the U.S. Treasury.  With these proceeds and a $1.5 million contribution from 
Atlantic Power to cover the shortfall created by the U.S. federal budget 
sequestration, the project's outstanding $51 million bridge loan was fully 
repaid in July 2013, reducing the Company's short-term debt.

Commercial Update

The Company executed a five-year extension of the energy sales agreement 
("ESA") at its 30 MW Kenilworth project in New Jersey in July 2013, which 
becomes effective November 1, 2013 and will run through September 30, 2018.  
Kenilworth has been operating under a month-to-month extension of its ESA with 
Merck since it expired in July 2012, and is expected to continue to do so 
until the new ESA becomes effective in November.

As discussed on its first-quarter conference call, the Company expects to shut 
down its 72 MW Greeley project in Colorado after the project's PPA expires at 
the end of August 2013.  The impact on the Company's financial results is 
expected to be immaterial.

Investor Conference Call and Webcast

A telephone conference call hosted by Atlantic Power's management team will be 
held on Friday, August 9, 2013 at 8:30 AM ET.  An accompanying slide 
presentation will be available on the Company's website prior to the call.  
The telephone numbers for the conference call are: U.S. Toll Free: 
1-888-317-6016; Canada Toll Free: 1-855-669-9657; International Toll: +1 
412-317-6016.  The conference call will also be broadcast over Atlantic 
Power's website, with an accompanying slide presentation. Please call or log 
in 10 minutes prior to the call. The telephone numbers to listen to the 
conference call after it is completed (Instant Replay) are U.S. Toll Free: 
1-877-344-7529; International Toll: +1-412-317-0088. Please enter conference 
call number 10031017. The conference call will also be archived on Atlantic 
Power's website.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in 
the United States and Canada.  Atlantic Power's power generation projects sell 
electricity to utilities and other large commercial customers largely under 
long-term power purchase agreements, which seek to minimize exposure to 
changes in commodity prices.  Its power generation projects in operation have 
an aggregate gross electric generation capacity of approximately 3,018 MW in 
which its aggregate ownership interest is approximately 2,098 MW. Its current 
portfolio consists of interests in twenty-nine operational power generation 
projects across eleven states in the United States and two provinces in Canada.

Atlantic Power has a market capitalization of approximately $500 million and 
trades on the New York Stock Exchange under the symbol AT and on the Toronto 
Stock Exchange under the symbol ATP.  For more information, please visit the 
Company's website at www.atlanticpower.com or contact:

Atlantic Power Corporation  Amanda Wagemaker, Investor Relations (617) 
977-2700  info@atlanticpower.com

Copies of certain financial data and other publicly filed documents are filed 
on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under 
"Atlantic Power Corporation" or on the Company's website.

Cautionary Note Regarding Forward-looking Statements

To the extent any statements made in this news release contain information 
that is not historical, these statements are forward-looking statements within 
the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and 
Section 21E of the U.S. Securities Exchange Act of 1934, as amended and under 
Canadian securities law (collectively, "forward-looking statements").

Certain statements in this news release may constitute "forward-looking 
statements", which reflect the expectations of management regarding the future 
growth, results of operations, performance and business prospects and 
opportunities of our Company and our projects.  These statements, which are 
based on certain assumptions and describe our future plans, strategies and 
expectations, can generally be identified by the use of the words "may," 
"will," "project," "continue," "believe," "intend," "anticipate," "expect" or 
similar expressions that are predictions of or indicate future events or 
trends and which do not relate solely to present or historical matters.  
Examples of such statements in this press release include, but are not 
limited, to statements with respect to the following expectations that:
    --  2013 Project Adjusted EBITDA will be in the range of $250 to
        $275 million;
    --  2013 Cash Available for Distribution will be in the range of
        $85 to $100 million;
    --  the 2013 Payout Ratio will be in the range of 65% to 75% and,
        on a pro forma basis, less than 100%;
    --  the 2014 Payout Ratio is expected to be in the range of 75% to
        85%;
    --  total cash dividends declared to shareholders in 2013 will be
        approximately $60 million;
    --  the Company will have $230 million of unrestricted cash and
        $155 million available excess cash at year-end;
    --  the Company will be able to deploy a substantial amount of its
        excess cash to reduce debt or invest in accretive growth
        projects;
    --  Meadow Creek will begin to make distributions in the third
        quarter of 2013;
    --  project distributions from Canadian Hills will be $15 to $19
        million and from Meadow Creek $7 to $8 million on a multi-year
        average annual basis;
    --  the changes implemented by the Company in July will result in
        an approximate $8 million reduction to administration and
        early-stage project development expenses in 2014, the areas in
        which such expense reductions will occur, the expected costs
        associated with these changes and the timing of such costs and
        the net impact of such changes on cash flows;
    --  the sale of Delta-Person will successfully close in the fourth
        quarter of 2013 with net cash proceeds received by the Company
        of approximately $9 million;
    --  the Company will receive $6 to $8 million in project
        distributions on a full-year basis from Piedmont and that
        Piedmont's construction loan will convert to a term loan later
        in 2013;
    --  the 72 MW Greeley project in Colorado will be shut down in
        August 2013;
    --  the Company will meet the financial covenants under its amended
        credit facility and other indebtedness and will have the
        ability to maintain its dividend payments at the current level;
    --  the Company will be able to generate sufficient amounts of cash
        and cash equivalents to maintain its operations and meet
        obligations as they become due for the next 12 months; and
    --  the results of operations and performance of the Company's
        projects, business prospects, opportunities and future growth
        of the Company will be as described herein.

Forward-looking statements involve significant risks and uncertainties, should 
not be read as guarantees of future performance or results, and will not 
necessarily be accurate indications of whether or not or the times at or by 
which such performance or results will be achieved.  Please refer to the 
factors discussed under "Risk Factors" in the Company's periodic reports as 
filed with the Securities and Exchange Commission from time to time for a 
detailed discussion of the risks and uncertainties affecting our Company.  
Although the forward-looking statements contained in this news release are 
based upon what are believed to be reasonable assumptions, investors cannot be 
assured that actual results will be consistent with these forward-looking 
statements, and the differences may be material.  These forward-looking 
statements are made as of the date of this news release and, except as 
expressly required by applicable law, the Company assumes no obligation to 
update or revise them to reflect new events or circumstances.  The financial 
outlook information contained in this news release is presented to provide 
readers with guidance on the cash distributions expected to be received by the 
Company and to give readers a better understanding of the Company's ability to 
pay its current level of distributions into the future.  Readers are cautioned 
that such information may not be appropriate for other purposes.
    Atlantic Power Corporation

Table 4 – Consolidated Balance Sheet (in millions of U.S.
dollars)
                                              June 30,    December 31,
                                              2013        2012

Assets                                        (Unaudited)

Current assets:

Cash and cash equivalents                     $195.6      $60.2

Restricted cash                               40.1        28.6

Accounts receivable                           71.4        58.5

Current portion of derivative                 0.7         9.5
instruments asset

Inventory                                     18.1        16.9

Prepayments and other current assets          17.2        13.4

Security deposits                             1.1         19.0

Assets held for sale                          -           351.4

Refundable income taxes                       1.4         4.2

Total current assets                          345.6       561.7

Property, plant and equipment, net            1,932.3     2,055.5

Equity investments in unconsolidated          410.4       428.7
affiliates

Other intangible assets, net                  483.6       524.9

Goodwill                                      331.2       334.7

Derivative instruments asset                  8.3         11.1

Other assets                                  56.0        86.1

Total assets                                  $3,567.4    $4,002.7

Liabilities and Shareholder's Equity

Current liabilities:

Accounts payable                              $13.2       $17.8

Accrued interest                              17.8        19.0

Other accrued liabilities                     46.3        73.7

Revolving credit facility                     -           67.0

Current portion of long-term debt             65.7        121.2

Current portion of derivative                 32.2        33.0
instruments liability

Dividends payable                             3.8         11.5

Liabilities held for sale                     -           189.0

Other current liabilities                     3.1         3.3

Total current liabilities                     182.1       535.5

Long-term debt                                1,462.0     1,459.1

Convertible debentures                        408.3       424.2

Derivative instruments liability              82.0        118.1

Deferred income taxes                         155.6       164.0

Power purchase and fuel supply agreement      40.8        44.0
liabilities, net

Other non-current liabilities                 70.5        71.4

Commitments and contingencies                 -           -

Total liabilities                             2,401.3     2,816.3

Equity

Common shares, no par value, unlimited
authorized shares; 119,901,246 and
119,446,865 issued and outstanding at         1,285.4     1,285.5
June 30, 2013 and December 31, 2012,
respectively

Preferred shares issued by a subsidiary       221.3       221.3
company

Accumulated other comprehensive income        (19.5)      9.4
(loss)

Retained deficit                              (597.3)     (565.2)

Total Atlantic Power Corporation              889.9       951.0
shareholders' equity

Noncontrolling interest                       276.2       235.4

Total equity                                  1,166.1     1,186.4

Total liabilities and equity                  $3,567.4    $4,002.7
    Atlantic Power Corporation

Table 5 – Consolidated Statements of Operations

(in millions of U.S. dollars, except per share amounts)

Unaudited
                                  Three months ended  Six months ended
                                  June 30,            June 30,
                                  2013    2012        2013   2012

Project revenue:

Energy sales                      $68.1   $49.4       $137.1 $109.4

Energy capacity revenue           54.4    37.5        99.2   74.5

Other                             16.5    14.5        42.9   36.2
                                  139.0   101.4       279.2  220.1

Project expenses:

Fuel                              52.0    37.3        101.6  83.5

Operations and maintenance        46.9    37.9        75.2   62.6

Development                       1.8     -           3.5    -

Depreciation and amortization     42.2    30.3        83.5   56.8
                                  142.9   105.5       263.8  202.9

Project other income (expense):

Change in fair value of           24.3    (4.8)       36.9   (62.0)
derivative instruments

Equity in earnings of             8.7     5.5         15.9   8.4
unconsolidated affiliates

Interest expense, net             (8.7)   (4.1)       (16.7) (8.1)

Other, net                        (4.8)   -           (4.8)  -
                                  19.5    (3.4)       31.3   (61.7)

Project income (loss)             15.6    (7.5)       46.7   (44.5)

Administrative and other expenses
(income):

Administration                    11.8    8.0         20.1   15.7

Interest, net                     25.3    21.4        51.2   43.4

Foreign exchange gain             (14.5)  (4.2)       (22.0) (3.2)

Other income, net                 (9.5)   (6.0)       (9.5)  (6.0)
                                  13.1    19.2        39.8   49.9

Income (loss) from continuing     2.5     (26.7)      6.9    (94.4)
operations before income taxes

Income tax expense (benefit)      0.6     (5.3)       (1.9)  (22.2)

Income (loss) from continuing     1.9     (21.4)      8.8    (72.2)
operations

Income (loss) from discontinued   (0.7)   19.3        0.2    30.9
operations, net of tax ((1))

Net income (loss)                 1.2     (2.1)       9.0    (41.3)

Net income (loss) attributable to 1.1     (0.2)       (0.8)  (0.3)
noncontrolling interest

Net income attributable to
preferred share dividends of a    3.1     3.2         6.3    6.4
subsidiary company

Net income (loss) attributable to $(3.0)  $(5.1)      $3.5   $(47.4)
Atlantic Power Corporation

Basic earnings (loss) earnings
per share:

Income (loss) from continuing
operations attributable to        $(0.02) $(0.21)     $0.03  $(0.69)
Atlantic Power Corporation

Income (loss) from discontinued   (0.01)  0.17        0.00   0.27
operations, net of tax

Net income (loss) attributable to $(0.03) $(0.04)     $0.03  $(0.42)
Atlantic Power Corporation

Diluted earnings (loss) earnings
per share:

Income (loss) from continuing
operations attributable to        $(0.02) $(0.21)     $0.03  $(0.69)
Atlantic Power Corporation

Income (loss) from discontinued   (0.01)  0.17        0.00   0.27
operations, net of tax

Net income (loss) attributable to $(0.03) $(0.04)     $0.03  $(0.42)
Atlantic Power Corporation

(1) Includes contributions from the Sold Projects which are a
component of discontinued operations.

Atlantic Power Corporation

Table 6 – Consolidated Statements of Cash Flows (in millions of
U.S. dollars)

Unaudited
                                            Six months ended June 30,
                                                 2013    2012

Cash flows from operating activities:

Net income (loss)                                $9.0    $(41.3)

Adjustments to reconcile to net cash
provided by operating activities

Depreciation and amortization                    92.8    76.8

Loss of discontinued operations                  32.8    -

Gain on sale of assets & other charges           (4.4)   -

Long-term incentive plan expense                 1.2     1.5

Impairment charges                               4.9     3.0

Gain on sale of equity investments               -       (0.6)

Equity in earnings from unconsolidated           (15.9)  (10.8)
affiliates

Distributions from unconsolidated                18.0    8.7
affiliates

Unrealized foreign exchange (gain) loss          (8.7)   11.8

Change in fair value of derivative               (47.7)  58.2
instruments

Change in deferred income taxes                  (6.5)   (26.0)

Change in other operating balances

Accounts receivable                              (3.6)   20.3

Inventory                                        (1.3)   (4.3)

Prepayments, refundable income taxes and         46.3    (9.8)
other assets

Accounts payable                                 (9.4)   (0.4)

Accruals and other liabilities                   (10.6)  2.2

Cash provided by operating activities            96.9    89.3

Cash flows provided by (used in) investing
activities

Change in restricted cash                        (19.4)  2.3

Proceeds from sale of assets, net                148.3   -

Proceeds from sale of equity investments         -       24.2

Cash paid for equity investment                  -       (0.3)

Proceeds from treasury grant                     53.7    -

Biomass development costs                        (0.1)   (0.2)

Construction in progress                         (26.2)  (230.2)

Purchase of property, plant and equipment        (5.0)   (0.8)

Cash provided by (used in) investing             151.3   (205.0)
activities

Cash flows (used in) provided by financing
activities

Proceeds from project-level debt                 20.8    255.3

Repayment of project-level debt                  (64.2)  (9.3)

Offering costs related to tax equity             (1.0)   -

Payments for revolving credit facility           (67.0)  (60.8)
borrowings

Proceeds from revolving credit facility          -       22.8
borrowings

Equity contribution from noncontrolling          44.6    -
interest

Deferred financing costs                         -       (18.9)

Dividends paid                                   (52.5)  (71.4)

Cash (used in) provided by financing             (119.3) 117.7
activities

Net increase in cash and cash equivalents        128.9   2.0

Cash and cash equivalents at beginning of        6.5     -
period at discontinued operations

Cash and cash equivalents at beginning of        60.2    60.7
period

Cash and cash equivalents at end of period       $195.6  $62.7

Supplemental cash flow information

Interest paid                                    $65.3   $58.2

Income taxes paid, net                           $1.4    $1.5

Accruals for construction in progress            $8.6    $25.5

Regulation G Disclosures

Cash Available for Distribution, Payout Ratio and Cash Distributions from 
Projects are not measures recognized under GAAP and do not have standardized 
meanings prescribed by GAAP.  Management believes that Cash Available for 
Distribution, Payout Ratio and Cash Distributions from Projects are relevant 
supplemental measures of the Company's ability to earn and distribute cash 
returns to investors.  Reconciliations of Cash Available for Distribution and 
Payout Ratio to cash flows from operating activities and of Cash Distributions 
from Projects to Project income (loss) are provided in Table 9 on page 14 of 
this release.  Investors are cautioned that the Company may calculate these 
measures in a manner that is different from other companies.

Project Adjusted EBITDA is defined as project income (loss) plus interest, 
taxes, depreciation and amortization (including non-cash impairment charges) 
and changes in fair value of derivative instruments.  Project Adjusted EBITDA 
is not a measure recognized under GAAP and is therefore unlikely to be 
comparable to similar measures presented by other companies and does not have 
a standardized meaning prescribed by GAAP.  Management uses Project Adjusted 
EBITDA at the project level to provide comparative information about project 
performance and believes such information is helpful to investors.  A 
reconciliation of Project Adjusted EBITDA to project income (loss) and a 
bridge to Cash Distributions from Projects are provided in Table 7 below and 
Tables 8A and 8B on page 13, respectively.  Investors are cautioned that the 
Company may calculate this measure in a manner that is different from other 
companies.

Atlantic Power Corporation

Table 7 – Project Adjusted EBITDA by segment

Unaudited
                                   Three months ended Six months ended
                                   June 30,           June 30,
                                   2013   2012        2013   2012

Project Adjusted EBITDA by segment

Northeast                          $26.0  $22.4       $71.9  $64.8

Southeast ((1))                    2.4    2.1         4.5    4.2

Northwest                          12.3   12.4        33.6   25.9

Southwest ((2))                    19.0   12.6        35.0   24.7

Un-allocated corporate             (3.5)  (4.1)       (8.2)  (7.7)

Total                              56.2   45.4        136.8  111.9

Reconciliation to project income

Depreciation and amortization      50.6   41.3        103.0  81.1

Interest expense, net              9.5    6.4         19.0   12.4

Change in the fair value of        (26.8) 2.1         (38.3) 59.6
derivative instruments

Other (income) expense             7.3    3.1         6.4    3.3

Project income (loss)              15.6   (7.5)       46.7   (44.5)

(1) Excludes the Auburndale, Lake and Pasco, which are components of
discontinued operations.

(2) Excludes Path 15, which is a component of discontinued operations.

Note: Table 7 presents Project Adjusted EBITDA, which is not a
recognized measure under GAAP and does not have any standardized
meaning prescribed by GAAP; therefore, this measure may not be
comparable to a similar measure presented by other companies.

Atlantic Power Corporation

Table 8A – Cash Distributions from Projects (by Segment, in millions of U.S.
dollars)

Six months ended June 30, 2013
                                                      Other,


         Project  Repayment Interest              including Cash
Unaudited    Adjusted of        expense, Capital      changes   Distributions 


                      long-term          expenditures in
             EBITDA   debt      net                   working   from Projects
                                                      capital

Segment

Northeast

Consolidated $51.6    $(2.7)    $(6.8)   $(1.5)       $20.3     $56.6

Equity       20.3     (5.5)     (1.3)    -            (1.8)     16.0
method

Total        71.9     (8.2)     (8.1)    (1.5)        18.5      72.6

Southeast

Consolidated 0.1      (1.5)     (1.2)    0.2          2.4       -

Equity       4.4      -         -        -            (1.3)     3.1
method

Total        4.5      (1.5)     (1.2)    0.2          1.1       3.1

Northwest

Consolidated 22.1     (4.8)     (2.4)    (3.4)        (1.8)     9.7

Equity       11.5     (1.1)     (7.0)    (0.5)        5.3       8.2
method

Total        33.6     (5.9)     (9.4)    (3.9)        3.5       17.9

Southwest

Consolidated 33.0     -         (0.4)    0.3          (21.4)    11.5

Equity       2.0      (1.6)     (0.1)    -            (0.3)     -
method

Total        35.0     (1.6)     (0.5)    0.3          (21.7)    11.5

Total        106.8    (9.0)     (10.8)   (4.4)        (0.5)     77.8
consolidated

Total equity 38.2     (8.2)     (8.4)    (0.5)        1.9       27.3
method

Un-allocated (8.2)    -         (1.3)    -            9.5       -
corporate

Total        $136.8   $(17.2)   $(20.5)  $(4.9)       $10.9     $105.1

Note: Table 8A presents Cash Distributions from Projects and Project Adjusted EBITDA,
which are not recognized measures under GAAP and do not have any standardized meanings
prescribed by GAAP; therefore, these measures may not be comparable to similar measures
presented by other companies.

Atlantic Power Corporation

Table 8B – Cash Distributions from Projects (by Segment, in millions of U.S.
dollars)

Six months ended June 30, 2012
                                Interest              Other,


         Project  Repayment                       including Cash
Unaudited    Adjusted of        expense, Capital      changes   Distributions 


                      long-term          expenditures in
             EBITDA   debt      net                   working   from Projects
                                                      capital

Segment

Northeast

Consolidated $42.5    $(2.0)    $(6.8)   $(0.4)       $5.6      $39.7

Equity       22.3     (11.6)    (2.6)    -            (3.1)     4.2
method

Total        64.8     (13.6)    (9.4)    (0.4)        2.5       43.9

Southeast

Consolidated -        -         -        -            -         -

Equity       4.2      -         -        -            (0.7)     3.5
method

Total        4.2      -         -        -            (0.7)     3.5

Northwest

Consolidated 16.4     -         (1.1)    (0.5)        -         14.8

Equity       9.5      (0.8)     (1.5)    0.3          (1.2)     6.3
method

Total        25.9     (0.8)     (2.6)    (0.2)        (1.2)     21.1

Southwest

Consolidated 24.7     -         -        (0.4)        2.2       26.5

Equity       -        (1.7)     (0.3)    (0.2)        2.2       -
method

Total        24.7     (1.7)     (0.3)    (0.6)        4.4       26.5

Total        83.6     (2.0)     (7.9)    (1.3)        7.8       81.0
consolidated

Total equity 36.0     (14.1)    (4.4)    0.1          (2.8)     14.0
method

Un-allocated (7.7)    -         -        -            7.7       -
corporate

Total        $111.9   $(16.1)   $(12.3)  $(1.2)       $12.7     $95.0

Note: Table 8B presents Cash Distributions from Projects and Project Adjusted EBITDA,
which are not recognized measures under GAAP and do not have any standardized meanings
prescribed by GAAP; therefore, these measures may not be comparable to similar measures
presented by other companies.

Atlantic Power Corporation

Table 9 – Cash Available for Distribution (in millions of U.S.
dollars)

Unaudited
                                 Three months ended  Six months ended
                                 June 30,            June 30,
                                 2013   2012         2013   2012

Cash Distributions from Projects $50.8  $41.3        $105.1 $95.0

Repayment of long-term debt      (11.6) (10.6)       (17.2) (16.1)

Interest expense, net            (11.0) (6.3)        (20.5) (12.3)

Capital expenditures             (2.8)  (0.8)        (4.9)  (1.2)

Other, including changes in      20.0   13.6         10.9   12.7
working capital

Project Adjusted EBITDA          $56.2  $45.4        $136.8 $111.9

Depreciation and amortization    50.6   41.3         103.0  81.1

Interest expense, net            9.5    6.4          19.0   12.4

Change in the fair value of      (26.8) 2.1          (38.3) 59.6
derivative instruments

Other (income) expense           7.3    3.1          6.4    3.3

Project income (loss)            $15.6  $(7.5)       $46.7  $(44.5)

Administrative and other         13.1   19.2         39.8   49.9
expenses (income)

Income tax expense (benefit)     0.6    (5.3)        (1.9)  (22.2)

Income (loss) from discontinued  (0.7)  19.3         0.2    30.9
operations, net of tax

Net income (loss)                $1.2   $(2.1)       $9.0   $(41.3)

Adjustments to reconcile to net
cash provided by operating       18.1   34.4         66.5   122.6
activities

Change in other operating        (12.1) (9.4)        21.4   8.0
balances

Cash flows from operating        $7.2   $22.9        $96.9  $89.3
activities ((1))

Project-level debt repayments    (7.9)  (6.6)        (10.5) (9.3)

Purchases of property, plant and (2.9)  (0.1)        (5.1)  (0.8)
equipment

Dividends on preferred shares of (3.1)  (3.2)        (6.3)  (6.4)
a subsidiary company

Cash Available for Distribution  $(6.7) $13.0        $75.0  $72.8

Total cash dividends declared to 11.0   32.3         36.3   65.1
shareholders

Payout Ratio                     (165)% 249%         48%    89%

Note: Table 9 presents Cash Distributions from Projects, Project
Adjusted EBITDA, Cash Available for Distribution and Payout Ratio,
which are not recognized measures under GAAP and do not have any
standardized meanings prescribed by GAAP; therefore, these measures
may not be comparable to similar measures presented by other
companies.

((1) )As discussed in the Company's quarterly report on Form 10-Q for
the fiscal quarter ended June 30, 2013, the Company reclassified $15.5
million of cash flows from operations to construction in progress,
which is included in cash flows from investing activities, for the
three months ended March 31, 2013. This increased cash flows from
operations and Cash Available for Distribution for the six months
ended June 30, 2013 by $15.5 million and lowered the Payout Ratio for
the same period. The reclassification had no impact on results for the
three months ended June 30, 2013.

Atlantic Power Corporation

Table 10 – Project Adjusted EBITDA by Project (for Selected
Projects)

(in millions of U.S. dollars)

Unaudited
                                 Three months ended  Six months ended
                                 June 30,            June 30,
                                 2013   2012         2013   2012

Project Adjusted
EBITDA by segment

Northeast          Accounting

 Cadillac          Consolidated  $2.4   $2.6         $4.6   $4.4

 Curtis Palmer     Consolidated  11.4   6.8          18.7   15.8

 Nipigon           Consolidated  2.3    2.6          8.6    7.2

 North Bay         Consolidated  (0.8)  (0.4)        4.5    4.4

 Tunis             Consolidated  (0.8)  0.9          4.1    6.4

 Other (3          Consolidated  2.8    (1.9)        11.1   4.3
 projects)

 Chambers          Equity method 4.3    8.1          10.2   14.0

 Selkirk           Equity method 4.4    3.7          10.1   8.3

 Total                           26.0   22.4         71.9   64.8

Southeast

 Piedmont          Consolidated  0.1    -            0.1    -

 Orlando           Equity method 2.3    2.1          4.4    4.2

 Total                           2.4    2.1          4.5    4.2

Northwest

 Meadow Creek      Consolidated  3.5    -            6.5    -

 Rockland          Consolidated  2.0    0.7          4.5    1.6

 Williams Lake     Consolidated  (0.3)  2.9          8.4    9.3

 Other (2          Consolidated  1.5    4.2          2.7    5.5
 projects)

 Other (4          Equity method 5.6    4.6          11.5   9.5
 projects) ((1))

 Total                           12.3   12.4         33.6   25.9

Southwest

 Canadian Hills    Consolidated  7.8    -            14.6   -

 Manchief          Consolidated  3.9    3.2          7.9    7.5

 Other (6          Consolidated  6.3    8.5          10.5   17.2
 projects)

 Other (2          Equity method 1.0    0.9          2.0    -
 projects)

 Total                           19.0   12.6         35.0   24.7

Totals

Consolidated                     42.1   30.1         106.8  83.6
projects

Equity method                    17.6   19.4         38.2   36.0
projects

Un-allocated                     (3.5)  (4.1)        (8.2)  (7.7)
corporate

Total Project                    $56.2  $45.4        $136.8 $111.9
Adjusted EBITDA

Reconciliation to
project income
(loss)

 Depreciation and                $50.6  $41.3        $103.0 $81.1
 amortization

 Interest expense,               9.5    6.4          19.0   12.4
 net

 Change in the
 fair value of                   (26.8) 2.1          (38.3) 59.6
 derivative
 instruments

 Other (income)                  7.3    3.1          6.4    3.3
 expense

Project income                   $15.6  $(7.5)       $46.7  $(44.5)
(loss)

(1) Goshen North is included in 2013 results, but is excluded from 2012
results as it was acquired in December 2012; therefore, 2012 results
include only three equity method projects in the Northwest segment.

Note: Table 10 presents Project Adjusted EBITDA, which is not a
recognized measure under GAAP and does not have any standardized
meaning prescribed by GAAP; therefore, this measure may not be
comparable to a similar measure presented by other companies. The
Company has not reconciled non-GAAP financial measures relating to
individual projects to the directly comparable GAAP measures due to the
difficulty in making the relevant adjustments on an individual project
basis.



SOURCE  Atlantic Power Corporation 
http://www.atlanticpower.com 
http://photos.prnewswire.com/prnh/20110809/NE49346LOGO 
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CO: Atlantic Power Corporation
ST: Massachusetts
NI: OIL UTI ERN EST ERN CONF  
-0- Aug/08/2013 21:21 GMT
 
 
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