Atlantic Power Corporation Releases Third Quarter 2013 Results

BOSTON, Nov. 7, 2013 /CNW/ - Atlantic Power Corporation (NYSE: AT) (TSX: ATP) 
("Atlantic Power" or the "Company") today released its results for the three 
and nine months ended September 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 September 2013 Financial Highlights 


    --  Project income increased $81.0 million from YTD September 2012
        to $57.3 million
    --  Cash flows from operating activities, including discontinued
        operations, increased $19.2 million from YTD September 2012 to
        $143.3 million
    --  Project Adjusted EBITDA increased $42.6 million from YTD
        September 2012 to $213.3 million
    --  Cash Available for Distribution, including discontinued
        operations, increased $8.9 million from YTD September 2012 to
        $109.9 million
    --  Payout Ratio for the nine months ended September 30, 2013 was
        43%

Q3 2013 Financial Highlights
    --  Project income decreased $14.9 million from Q3 2012 to $4.8
        million, primarily due to non-cash goodwill impairments
        totaling $34.9 million and a negative mark-to-market adjustment
        at Nipigon of $8.8 million, partly offset by a $30 million gain
        on the sale of the Gregory project
    --  Cash flows from operating activities increased $11.7 million
        from Q3 2012 to $46.4 million, primarily due to higher Project
        Adjusted EBITDA
    --  Project Adjusted EBITDA increased $18.8 million from Q3 2012 to
        $76.2 million, primarily from new renewable energy projects and
        several projects in the Northeast segment
    --  Cash Available for Distribution increased $9.6 million from Q3
        2012 to $37.9 million, mostly due to higher operating cash
        flows partly offset by higher project capex

Recent Developments
    --  Narrowed previous guidance range for 2013 Project Adjusted
        EBITDA of $250 to $275 million to $260 to $275 million
    --  Reaffirmed guidance for 2013 Cash Available for Distribution
        and Payout Ratio
    --  Confirmed $11 million Nipigon steam generator upgrade project
        for 2014

"Our operating and financial results this year have been strong, with 
contributions from our new projects such as Canadian Hills and Meadow Creek as 
well as increased contributions from several of our existing projects in the 
Northeast segment and elsewhere.  In addition, our cash position improved 
during the quarter," said Barry Welch, President and CEO of Atlantic Power.  
"We continue to evaluate investments to improve plant efficiency and increase 
cash returns, and we recently committed to a significant capex project at 
Nipigon where we expect an attractive return on our investment.  We are 
considering various potential initiatives and options aimed at addressing our 
near-term debt maturities, reducing debt levels, improving our financial 
flexibility, optimizing our assets, and reducing expenses.  These are our 
highest priority objectives."

Atlantic Power Corporation
Table 1 – Selected Results
(in millions of U.S. dollars, except as otherwise stated)
Unaudited
                                   Three months ended Nine months ended
                                   September 30,      September 30,
                                   2013    2012       2013    2012

Excluding results from
discontinued operations((1))

Project revenue                    $141.8  $106.3     $421.0  $326.4

Project income (loss)              4.8     19.7       57.3    (23.7)

Project Adjusted EBITDA ((2))      76.2    57.4       213.3   170.7

Cash Distributions from Projects ( 67.4    58.1       172.5   153.1
(2))

Aggregate power generation         2,183.9 1,513.6    6,172.5 4,400.2
(thousands of Net MWh)

Weighted average availability      94.9%   96.7%      94.3%   95.5%

Including results from
discontinued operations

Cash flows from operating          $46.4   $34.7      $143.3  $124.1
activities

Cash Available for Distribution (  37.9    28.3       109.9   101.0
(2))

Total cash dividends declared to   11.0    34.0       47.2    99.1
shareholders

Payout Ratio ((2))                 29%     120%       43%     98%

((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 nine months ended September 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.

During the three months ended September 30, 2013, the Company
classified its investment in Rollcast, which is a component of the
un-allocated corporate segment, as a held for sale business based on a
plan to divest its investment in Rollcast within the next twelve
months. Accordingly, the assets and liabilities of Rollcast have been
presented separately as held for sale in the consolidated balance sheet
at September 30, 2013 and the project's net loss is recorded as loss
from discontinued operations, net of tax, in the consolidated
statements of operations for the three and nine months ended September
30, 2013 and 2012. Results from Rollcast are treated the same as the
Sold Projects as described above.

((2) )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.

Financial Review for the Three and Nine Months Ended September 30, 2013

GAAP Measures

Cash flows from operating activities, which include cash flows from 
discontinued operations, increased by $11.7 million to $46.4 million and by 
$19.2 million to $143.3 million for the three and nine months ended September 
30, 2013, respectively, compared to $34.7 million and $124.1 million for the 
same periods in 2012, respectively.  Factors positively contributing to the 
three-month performance include cash flows from new projects added in December 
2012, and in particular the Canadian Hills and Meadow Creek wind projects, 
increased cash flows from several existing projects and increased cash flows 
from the Company's equity method investments.  The nine-month results were 
positively influenced by the same factors and by realized foreign exchange 
gains on forward contract settlements, including a $9.4 million gain from 
contracts terminated in April 2013.  These positive factors were partially 
offset by reduced cash flow contributions from assets that were divested in 
April 2013, including costs of approximately $3 million associated with these 
dispositions, and higher legal expenses.

Project income decreased by $14.9 million to $4.8 million and increased by 
$81.0 million to $57.3 million for the three and nine months ended September 
30, 2013, respectively, compared to project income of $19.7 million and 
project loss of $23.7 million for the same periods in 2012, respectively.  The 
decrease in Project income for the three-month period ended September 30, 2013 
from the prior-year period relates primarily to non-cash goodwill impairments 
at four projects totaling $34.9 million and an $8.8 million mark-to-market 
decrease in the fair value of a gas purchase agreement at Nipigon, partially 
offset by a $30 million gain on the sale of the Company's 17% interest in the 
Gregory project in August 2013.  The increase in Project income for the nine 
months ended September 30, 2013 over the prior-year period relates primarily 
to the project income from the sale of Gregory as described above, additional 
project income from an increased interest in Rockland and new projects added 
in December 2012, partially offset by goodwill impairments as described above 
and non-cash, mark-to-market adjustments to reflect the fair value of gas 
purchase agreements for three of the Company's gas-fired projects in Ontario 
and the fair value of interest rate swaps in the Company's Southeast and 
Northwest segments.  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 $18.8 million to $76.2 million and by $42.6 million to $213.3 
million for the three and nine months ended September 30, 2013, respectively, 
compared to $57.4 million and $170.7 million for the same periods in 2012, 
respectively.  The increases in Project Adjusted EBITDA over the prior-year 
periods are primarily due to contributions from new projects added in 2012 and 
2013, which include $3.7 million and $18.4 million from Canadian Hills, $3.9 
million and $10.4 million from Meadow Creek, and $3.5 million and $3.7 million 
from Piedmont for the three and nine months ended September 30, 2013, 
respectively.  Several projects in the Company's Northeast segment also posted 
higher operating results for the three- and nine-month periods ended September 
30, 2013.  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 $9.3 million to $67.4 million and by 
$19.4 million to $172.5 million for the three and nine months ended September 
30, 2013, respectively, compared to $58.1 million and $153.1 million for the 
same periods in 2012, respectively.  Increased distributions from Canadian 
Hills and an initial distribution from Meadow Creek, both of which were added 
in December 2012, were the primary factors for the increase in Cash 
Distributions from Projects in the three-month period ended September 30, 2013 
over the prior-year period.  The increase in Cash Distributions from Projects 
for the nine-month period ended September 30, 2012 over the prior-year period 
was also helped by increased distributions from the Company's projects in 
Ontario, which benefited from higher waste heat.  These increases were partly 
offset by decreased distributions in the Southwest segment for the YTD 
September 2013 compared to the same prior-year period.  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, increased by $9.6 million to $37.9 million and by $8.9 million to 
$109.9 million for the three and nine months ended September 30, 2013, 
respectively, compared to $28.3 million and $101.0 million for the same 
periods in 2012, respectively.  The increase in Cash Available for 
Distribution for the three months ended September 30, 2013 over the prior-year 
period is primarily due to an increase in cash flows from operating activities 
(as described earlier in the section GAAP Measures) and lower project-level 
debt repayments, partially offset by planned higher capital expenditures at 
Curtis Palmer for new turbines and at Meadow Creek for completion of punch 
list items, and distributions to noncontrolling interests. The increase in 
Cash Available for Distribution for the nine months ended September 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 as 
discussed above and distributions to noncontrolling interests.

Payout Ratio for the three and nine months ended September 30, 2013 was 29% 
and 43%, respectively, compared to 120% and 98%, respectively, in the 
comparable prior-year periods.  The decrease in the Payout Ratio for both 
periods is a result of an increase in Cash Available for Distribution as 
discussed in the preceding paragraph and the impact of a lower dividend rate, 
which first became effective in March 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).

Adjustment to calculation of Cash Available for Distribution and Payout Ratio. 
 During the three months ended September 30, 2013, the Company adjusted the 
calculation for Cash Available for Distribution to exclude distributions made 
to noncontrolling interests because the Company believes that it more 
accurately presents the cash available to be distributed to its common 
shareholders.  Distributions to noncontrolling interests primarily will 
include distributions, if any, to the tax equity investors at Canadian Hills 
and to the other 50% owner of Rockland.  This adjustment results in lower Cash 
Available for Distribution and higher Payout Ratios than under the previous 
method of calculation.  The change is already reflected in the Cash Available 
for Distribution and Payout Ratios for the three and nine months ended 
September 30, 2013 and 2012 discussed in the preceding paragraphs.

The Cash Available for Distribution and Payout Ratios for the three and six 
months ended June 30, 2013 that have previously been reported were adjusted to 
reflect the change in calculation method.  For the three and six months ended 
June 30, 2013, Cash Available for Distribution decreased from $(6.7) million 
to $(8.7) million and from $75.0 million to $72.1 million, respectively.  The 
Payout Ratio for the three months ended June 30, 2013 was previously reported 
as (165)% and was adjusted to (126)%.  For the six months ended June 30, 2013, 
the change resulted in an increase in the Payout Ratio from 48% to 50%.  Cash 
Available for Distribution and Payout Ratio did not change materially for the 
three months ended March 31, 2013.  The 2012 numbers for Cash Available for 
Distribution and Payout Ratios were not affected by this change as there were 
no distributions to noncontrolling interests in 2012.

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

Under GAAP, the cash flow attributable to the assets held for sale 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 
assets held for sale.

Project income (loss) attributable to the assets held for sale was $(0.4) 
million and $(6.1) million for the three and nine months ended September 30, 
2013, compared to $19.0 million and $48.8 million, respectively, for the same 
periods in 2012.

Project Adjusted EBITDA attributable to the assets held for sale was $(0.3) 
million and $35.3 million for the three and nine months ended September 30, 
2013, respectively, compared to $26.7 million and $79.5 million, respectively, 
for the same periods in 2012.

Cash Available for Distribution from the assets held for sale for the nine 
months ended September 30, 2013 was $37 million compared to $48 million for 
the same period in 2012.

The Delta-Person generating station ("Delta-Person"), which is under a 
purchase and sale agreement, and the Gregory project, which was sold in August 
2013, are included in the Company's financial results from continuing 
operations for the three and nine months ended September 30, 2013 and 2012, as 
the projects are accounted for under the equity method of accounting.

The Company has not reconciled non-GAAP financial measures relating to the 
assets held for sale to the directly comparable GAAP measures due to the 
difficulty in making the relevant adjustments on an individual project basis.  
 

Supplementary Financial Tables  For further information, attached to this news 
release is a:
    --  Summary of Project Adjusted EBITDA by segment for the three and
        nine months ended September 30, 2013 and 2012 (Table 7) with a
        reconciliation to Project income (loss);
    --  Bridge from Project Adjusted EBITDA to Cash Distributions from
        Projects by segment for the nine months ended September 30,
        2013 (Table 8A) and the nine months ended September 30, 2012
        (Table 8B);
    --  Reconciliation of Cash Distributions from Projects and Project
        Adjusted EBITDA to Net income (loss) for the three and nine
        months ended September 30, 2013 and 2012 (Table 9);
    --  Reconciliation of Cash Available for Distribution and Payout
        Ratio to cash flows from operating activities for the three and
        nine months ended September, 2013 and 2012 (Table 9); and
    --  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 nine months ended September 30, 2013 and 2012
        (Table 10).

Updated 2013 Guidance
    --  Annual Project Adjusted EBITDA guidance of $250 to $275 million
        narrowed to $260 to $275 million
    --  Annual Cash Available for Distribution guidance of $85 to $100
        million reaffirmed
    --  Annual Payout Ratio guidance of 65% to 75% reaffirmed

Project Adjusted EBITDA    The Company is updating its previous guidance of 
$250 to $275 million for 2013 Project Adjusted EBITDA to $260 to $275 million. 
 The narrower range reflects the results for the year to date and expectations 
for the balance of the year.  (Note that Project Adjusted EBITDA attributable 
to discontinued operations is excluded from both the three and nine months 
ended September 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 nine months ended September 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 assets 
held for sale to the directly comparable GAAP measures due to the difficulty 
in making the relevant adjustments on an individual project basis.)

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 considering various potential initiatives and options aimed at 
addressing its near-term debt maturities, reducing debt levels, improving its 
financial flexibility, optimizing its assets, and reducing expenses. Although 
the Company is still in the process of evaluating these initiatives and 
options, one or more of such potential initiatives or options, if implemented, 
would significantly increase the 2014 Payout Ratio.  As a consequence, the 
Company will not be in a position to provide updated guidance as to the 2014 
Payout Ratio until it has greater visibility on these matters, which is not 
expected until the release of the Company's 2013 Form 10-K.

See Table 2 for full-year 2013 guidance provided on November 7, 2013 as 
compared to initial 2013 guidance provided on February 28, 2013 and actual 
results for the nine months ending September 30, 2013.

Atlantic Power Corporation
Table 2 – 2013 Annual Guidance v. results for the nine months
ended September 30, 2013
(in millions of U.S. dollars, except as otherwise stated)
                     Initial 2013    Revised 2013    Nine months ended
                     Annual Guidance Annual Guidance September 30, 2013

Unaudited            (2/28/13)       (11/7/13)       (Actual)

Project Adjusted     $250 - $275     $260 - $275     $213.3
EBITDA ((1)(2))

Cash Available for
Distribution ((2)    $85 - $100      $85 - $100      $109.9
(3))

Total cash dividends
declared to          $60             $60             $47.2
shareholders

Payout Ratio,
including            65% - 75%       65% - 75%       43%
discontinued
operations ((2)(3))

(1) The Sold Projects and Rollcast have been classified as discontinued
operations. Accordingly, the Project Adjusted EBITDA of these assets
has been classified as discontinued operations for the three and nine
months ended September 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 measures. 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 and
Rollcast 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 and
Rollcast.

Liquidity

At September 30, 2013, the Company had $171 million of unrestricted cash.  
During the fourth quarter of 2013, the Company expects to use cash to make an 
additional equity investment in Piedmont and make cash outlays associated with 
recent investment commitments at the Company's Nipigon and North Island 
projects.  The anticipated closing of the Delta-Person sale and receipt of 
sale proceeds has been delayed into the first quarter of 2014.  Accordingly, 
the Company now expects to have approximately $145 million of unrestricted 
cash at year-end 2013.  These figures are net of a $75 million cash reserve 
required under the Company's amended credit facility.  The Company also has 
borrowing capacity under its amended credit facility of $25 million.  
Depending on the outcome of the Company's discussions with an existing gas 
supplier, it may be required to use cash, letters of credit or a combination 
of both to post additional collateral.  See Table 3 for projected year-end 
2013 liquidity (which does not reflect possible reductions due to additional 
postings of collateral) compared to the actual level at September 30, 2013.

Atlantic Power Corporation
Table 3 – Liquidity (in millions of U.S. dollars)

Unaudited                September 30, 2013 Projected Year-end 2013

Unrestricted cash ((1))  $171               $145

Borrowing capacity under $25                $25
revolver ((2))

Total Liquidity ((3))    $196               $170

((1)) Includes $13 million project-level cash for working capital
needs.

((2) )Excludes letter of credit capacity of $150 million, of which
$91.2 million was issued in letters of credit but not drawn as of
September 30, 2013.

((3) )The projected year-end total liquidity amount may be further
reduced as a result of the outcome of the Company's discussions
with a natural gas supplier for additional security in the form of
cash, letters of credit or a combination of both.

Business Update

Piedmont Update

The Company continues to invest in improvements to increase reliability and 
improve efficiency of its Piedmont Green Power project, with a planned outage 
completed in October.  All performance obligations continue to be met under 
the Power Purchase Agreement (PPA).  The availability factor of the project 
during the third quarter averaged 93%.

The Company is addressing a dispute with contractor Zachry Industrial, Inc. 
("Zachry"), about its performance obligations under the turnkey engineering, 
procurement and construction contract at Piedmont; the dispute has entered the 
arbitration process and an arbitration hearing has been tentatively scheduled 
in the latter part of 2014.  Discussions are in process with the project 
lenders regarding conversion of the project's construction loan ($76.6 million 
outstanding) into a term loan, which is anticipated to close in the fourth 
quarter of 2013.  In order to facilitate the conversion of the term loan, the 
Company expects to make an additional investment in Piedmont to enhance the 
credit quality of the project.

As previously disclosed, 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 after 
gaining additional operating history.  However, the project is unlikely to 
distribute significant cash in 2014 due to the dispute described above and the 
expected reserves that will be required under Piedmont's term loan.

Nipigon Capex Project  The Company recently approved an investment to upgrade 
the steam generator at its 40 MW Nipigon combined-cycle facility in Ontario.  
Required approvals for this project have been received.  Capex outlays for the 
project have begun in the fourth quarter of 2013, with an outage to undertake 
the work scheduled for the fall of 2014.  The total capex for the project is 
expected to be approximately $11 million, most of which will be incurred in 
2014.

2013 Major Maintenance Forecast  The Company now expects to reinvest 
approximately $40 million in 2013 in its portfolio in the form of project 
capital expenditures and major maintenance expenses, which is increased from 
its previous expectation of $30 to $35 million.  The additional investment is 
part of the Company's effort to identify optimization initiatives at its 
existing businesses that increase shareholder value.  Through September 30, 
2013, the Company has already reinvested $29.6 million.  Significant 
expenditures incurred or to be incurred in the fourth quarter not included in 
the original forecast are for improvements at the Piedmont project undertaken 
during an outage in October, and outlays associated with the Nipigon steam 
generator project and a planned 2014 outage at the North Island project to 
increase its interconnection capacity from 38 MW to 42 MW.

Non-Core Asset Sales  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 first quarter of 2014, subject to receipt of all required approvals, and 
expects to receive net cash proceeds of approximately $9 million.

As previously announced, on August 7, 2013, the Company, along with its 
partners, completed the 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.

In addition, during the three months ended September 30, 2013, the Company 
initiated and approved a plan to divest its 60% interest in Rollcast.

Investor Conference Call and Webcast  A telephone conference call hosted by 
Atlantic Power's management team will be held on Friday, November 8, 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: 1-888-317-6003; Canada Toll Free: 1-866-284-3684; 
International Toll: +1 412-317-6016.  Participants will need to provide access 
code 6007785 to enter the conference call.  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; Canada Toll Free 
1-855-669-9658; International Toll: +1-412-317-0088. Please enter conference 
call number 10034465. 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 3,020 MW in which its aggregate ownership interest 
is approximately 2,100 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.

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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 $260 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 Company will have approximately $145 million available
        excess cash at year-end;
    --  during the fourth quarter of 2013, the Company will use cash to
        make additional equity investments in Piedmont and make cash
        outlays associated with recent investment commitments at
        Nipigon and North Island;
    --  the Company may be required to use cash and/or letters of
        credit as additional collateral with an existing counterparty;
    --  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 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;
    --  total capex for the investment upgrade at Nipigon will be
        approximately $11 million and the new steam generator at
        Nipigon will result in improved Project Adjusted EBITDA and
        cash flows beginning in 2015;
    --  the sale of Delta-Person will successfully close in the first
        quarter of 2014 with net cash proceeds received by the Company
        of $9 million;
    --  the outcome of negotiations for the divestiture of Rollcast and
        the timing of such divestiture;
    --  total cash dividends declared to shareholders in 2013 will be
        approximately $60 million;
    --  the Company is considering various potential initiatives and
        options aimed at addressing its near-term debt maturities,
        reducing debt levels, improving its financial flexibility,
        optimizing its assets, and reducing expenses which, if
        implemented, would significantly increase the Payout Ratio; 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) 
                                      September 30, December 31, 
                                      2013          2012 
Assets                                    (Unaudited) 
Current assets: 
Cash and cash equivalents                 $170.7        $60.2 
Restricted cash                           119.8         28.6 
Accounts receivable                       63.3          58.5 
Current portion of derivative instruments 0.3           9.5
asset 
Inventory                                 18.3          16.9 
Prepayments and other current assets      13.3          13.4 
Security deposits                         -             19.0 
Assets held for sale                      0.5           351.4 
Refundable income taxes                   1.9           4.2 
Total current assets                      388.1         561.7 
Property, plant and equipment, net        1,873.9       2,055.5 
Equity investments in unconsolidated      404.5         428.7
affiliates 
Other intangible assets, net              471.1         524.9 
Goodwill                                  296.3         334.7 
Derivative instruments asset              9.5           11.1 
Other assets                              53.3          86.1 
Total assets                              $3,496.7      $4,002.7 
Liabilities and Shareholder's Equity 
Current liabilities: 
Accounts payable                          $11.1         $17.8 
Accrued interest                          30.0          19.0 
Other accrued liabilities                 49.0          73.7 
Senior credit facility                    -             67.0 
Current portion of long-term debt         206.7         121.2 
Current portion of derivative instruments 32.9          33.0
liability 
Dividends payable                         3.9           11.5 
Liabilities held for sale                 0.1           189.0 
Other current liabilities                 6.0           3.3 
Total current liabilities                 339.7         535.5 
Long-term debt                            1,274.1       1,459.1 
Convertible debentures                    414.1         424.2 
Derivative instruments liability          87.0          118.1 
Deferred income taxes                     151.2         164.0 
Power purchase and fuel supply agreement  40.3          44.0
liabilities, net 
Other non-current liabilities             69.3          71.4 
Commitments and contingencies             -             - 
Total liabilities                         2,375.7       2,816.3 
Equity 
Common shares, no par value, unlimited
authorized shares; 
120,044,879 and 119,446,865 issued and    1,285.7       1,285.5
outstanding at 
September 30, 2013 and December 31, 2012,
respectively 
Preferred shares issued by a subsidiary   221.3         221.3
company 
Accumulated other comprehensive income    (8.7)         9.4
(loss) 
Retained deficit                          (649.6)       (565.2) 
Total Atlantic Power Corporation          848.7         951.0
shareholders' equity 
Noncontrolling interest                   272.3         235.4 
Total equity                              1,121.0       1,186.4 
Total liabilities and equity              $3,496.7      $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 Nine months ended
                                   September 30,      September 30,
                                   2013    2012       2013    2012

Project revenue:

Energy sales                       $73.4   $49.6      $228.6  $159.0

Energy capacity revenue            51.1    42.8       132.2   117.3

Other                              17.3    13.9       60.2    50.1
                                   141.8   106.3      421.0   326.4

Project expenses:

Fuel                               47.2    40.1       148.8   123.6

Operations and maintenance         38.0    26.5       112.3   88.0

Development                        1.4     -          4.9     -

Depreciation and amortization      42.2    30.6       125.7   87.3
                                   128.8   97.2       391.7   298.9

Project other income (expense):

Change in fair value of derivative (3.5)   10.7       33.4    (51.3)
instruments

Equity in earnings of              39.1    4.0        55.0    12.4
unconsolidated affiliates

Interest expense, net              (9.0)   (4.1)      (25.7)  (12.3)

Impairment of goodwill             (34.9)  -          (34.9)  -

Other, net                         0.1     -          0.2     -
                                   (8.2)   10.6       28.0    (51.2)

Project income (loss)              4.8     19.7       57.3    (23.7)

Administrative and other expenses
(income):

Administration                     8.4     6.3        28.5    22.0

Interest, net                      27.5    25.8       78.7    69.3

Foreign exchange loss (gain)       9.1     7.7        (12.9)  4.4

Other expense (income), net        -       0.3        (9.5)   (5.7)
                                   45.0    40.1       84.8    90.0

Loss from continuing operations    (40.2)  (20.4)     (27.5)  (113.7)
before income taxes

Income tax expense (benefit)       -       3.1        (1.9)   (19.1)

Loss from continuing operations    (40.2)  (23.5)     (25.6)  (94.6)

Net income (loss) from
discontinued operations, net of    (0.4)   19.0       (6.1)   48.8
tax ((1))

Net loss                           (40.6)  (4.5)      (31.7)  (45.8)

Net loss attributable to           (2.5)   (0.4)      (3.3)   (0.7)
noncontrolling interest

Net income attributable to
preferred share dividends of a      3.2    3.4        9.5     9.8
subsidiary company

Net loss attributable to Atlantic  $(41.3) $(7.5)     $(37.9) $(54.9)
Power Corporation

Basic earnings (loss) earnings per
share:

Loss from continuing operations
attributable to Atlantic Power     $(0.34) $(0.22)    $(0.27) $(0.90)
Corporation

Income (loss) from discontinued    (0.00)  0.16       (0.05)  0.42
operations, net of tax

Net loss attributable to Atlantic  $(0.34) $(0.06)    $(0.32) $(0.48)
Power Corporation

Diluted earnings (loss) earnings
per share:

Loss from continuing operations
attributable to Atlantic Power     $(0.34) $(0.22)    $(0.27) $(0.90)
Corporation

Income (loss) from discontinued    (0.00)  0.16       (0.05)  0.42
operations, net of tax

Net loss attributable to Atlantic  $(0.34) $(0.06)    $(0.32) $(0.48)
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)
                                        Nine months ended September 30,

Unaudited                               2013    2012

Cash flows from operating activities:

Net loss                                $(31.7) $(45.8)

Adjustments to reconcile to net cash
provided by operating activities

Depreciation and amortization           135.0   117.5

Loss of discontinued operations         32.8    -

(Gain) loss on sale of assets & other   (4.6)   0.8
charges

Long-term incentive plan expense        1.7     2.3

Impairment charges                      39.8    3.0

Gain on sale of equity investments      (30.4)  (0.6)

Equity in earnings from unconsolidated  (24.6)  (14.8)
affiliates

Distributions from unconsolidated       28.5    26.8
affiliates

Unrealized foreign exchange loss        1.5     21.7

Change in fair value of derivative      (44.1)  41.0
instruments

Change in deferred income taxes         (11.9)  (24.4)

Change in other operating balances

Accounts receivable                     4.5     (2.9)

Inventory                               (1.5)   (5.5)

Prepayments, refundable income taxes    54.2    (13.2)
and other assets

Accounts payable                        (11.9)  14.9

Accruals and other liabilities          6.0     3.3

Cash provided by operating activities   143.3   124.1

Cash flows provided by (used in)
investing activities

Change in restricted cash               (99.1)  (105.5)

Proceeds from sale of assets and equity 183.0   27.9
investments, net

Cash paid for equity investment         -       (0.3)

Proceeds from treasury grant            103.2   -

Biomass development costs               (0.1)   (0.4)

Construction in progress                (32.2)  (336.0)

Purchase of property, plant and         (7.2)   (1.2)
equipment

Cash provided by (used in) investing    147.6   (415.5)
activities

Cash flows (used in) provided by
financing activities

Proceeds from issuance of convertible   -       130.0
debentures

Proceeds from issuance of equity, net   -       67.7
of offering costs

Proceeds from project-level debt        20.8    261.3

Repayment of project-level debt         (115.4) (12.1)

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                (0.5)   (25.3)

Dividends paid to common shareholders   (54.2)  (108.2)

Dividends paid to noncontrolling        (13.9)  -
interests

Cash (used in) provided by financing    (186.6) 275.4
activities

Net increase (decrease) in cash and     104.3   (16.0)
cash equivalents

Less cash at discontinued operations    (0.3)   (1.8)

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

Cash and cash equivalents at beginning  60.2    60.7
of period

Cash and cash equivalents at end of     $170.7  $42.9
period

Supplemental cash flow information

Interest paid                           $87.0   $77.7

Income taxes paid, net                  $4.6    $3.1

Accruals for construction in progress   $8.3    $40.1

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 15 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 14, 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 Nine months ended
                                 September 30,      September 30,
                                 2013  2012         2013   2012

Project Adjusted EBITDA by
segment

Northeast                        $24.9 $20.3        $96.8  $85.2

Southeast ((1))                  5.9   2.3          10.4   6.5

Northwest                        19.4  12.6         53.0   38.5

Southwest ((2))                  29.5  23.4         64.5   48.0

Un-allocated corporate ((3))     (3.5) (1.2)        (11.4) (7.5)

Total                            76.2  57.4         213.3  170.7

Reconciliation to project income

Depreciation and amortization    51.4  41.8         154.5  123.0

Interest expense, net            10.6  5.8          30.5   18.1

Change in the fair value of      3.5   (10.8)       (34.8) 48.9
derivative instruments

Other expense                    5.9   0.9          5.8    4.4

Project income (loss)            $4.8  $19.7        $57.3  $(23.7)

(1) Excludes the Florida Projects, which are components of
discontinued operations.

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

(3) Excludes Rollcast 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)
Nine months ended September 30, 2013 


                                                      Other,
             Project  Repayment Interest              including Cash


         Adjusted of                 Capital                Distributions
Unaudited             long-term expense, expenditures changes 


             EBITDA   debt      net                   in        from Projects
                                                      working
                                                      capital

Segment

Northeast

Consolidated $65.7    $(1.8)    $(10.2)  $(2.6)       $18.3     $69.4

Equity       31.1     (10.4)    (0.9)    (0.7)        1.5       20.6
method

Total        96.8     (12.2)    (11.1)   (3.3)        19.8      90.0

Southeast

Consolidated 3.7      (1.5)     (2.6)    -            0.4       -

Equity       6.7      -         -        -            (0.7)     6.0
method

Total        10.4     (1.5)     (2.6)    -            (0.3)     6.0

Northwest

Consolidated 36.0     (4.9)     (10.5)   (4.4)        5.7       21.9

Equity       17.0     (1.7)     (3.6)    (1.3)        2.4       12.8
method

Total        53.0     (6.6)     (14.1)   (5.7)        8.1       34.7

Southwest

Consolidated 60.9     -         (0.7)    0.3          (18.7)    41.8

Equity       3.6      (1.9)     (0.2)    -            (1.5)     -
method

Total        64.5     (1.9)     (0.9)    0.3          (20.2)    41.8

Total        166.3    (8.2)     (24.0)   (6.7)        5.7       133.1
consolidated

Total equity 58.4     (14.0)    (4.7)    (2.0)        1.7       39.4
method

Un-allocated (11.4)   (0.3)     (1.7)    -            13.4      -
corporate

Total        $213.3   $(22.5)   $(30.4)  $(8.7)       $20.8     $172.5

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)
Nine months ended September 30, 2012
                                                      Other,


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


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

Segment

Northeast

Consolidated $53.7    $(1.8)    $(10.3)  $(0.4)       $8.7      $49.9

Equity       31.5     (15.9)    (3.7)    -            2.8       14.7
method

Total        85.2     (17.7)    (14.0)   (0.4)        11.5      64.6

Southeast

Consolidated (0.1)    -         -        -            0.1       -

Equity       6.6      -         -        -            (0.4)     6.2
method

Total        6.5      -         -        -            (0.3)     6.2

Northwest

Consolidated 25.6     -         (1.4)    (0.5)        (0.5)     23.2

Equity       12.9     (1.3)     (2.4)    0.3          (0.1)     9.4
method

Total        38.5     (1.3)     (3.8)    (0.2)        (0.6)     32.6

Southwest

Consolidated 46.8     -         -        (0.4)        3.3       49.7

Equity       1.2      (2.5)     (0.4)    (0.2)        1.9       -
method

Total        48.0     (2.5)     (0.4)    (0.6)        5.2       49.7

Total        126.0    (1.8)     (11.7)   (1.3)        11.6      122.8
consolidated

Total equity 52.2     (19.7)    (6.5)    0.1          4.2       30.3
method

Un-allocated (7.5)    -         -        -            7.5       -
corporate

Total        $170.7   $(21.5)   $(18.2)  $(1.2)       $23.3     $153.1

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 Nine months ended
                                   September 30,      September 30,
                                   2013    2012       2013    2012

Cash Distributions from Projects   $67.4   $58.1      $172.5  $153.1

Repayment of long-term debt        (5.3)   (5.4)      (22.5)  (21.5)

Interest expense, net              (9.9)   (5.9)      (30.4)  (18.2)

Capital expenditures               (3.8)   -          (8.7)   (1.2)

Other, including changes in        10.2    12.0       20.8    23.3
working capital

Project Adjusted EBITDA            $76.2   $57.4      $213.3  $170.7

Depreciation and amortization      51.4    41.8       154.5   123.0

Interest expense, net              10.6    5.8        30.5    18.1

Change in the fair value of        3.5     (10.8)     (34.8)  48.9
derivative instruments

Other expense                      5.9     0.9        5.8     4.4

Project income (loss)              $4.8    $19.7      $57.3   $(23.7)

Administrative and other expenses  45.0    40.1       84.8    90.0

Income tax expense (benefit)       -       3.1        (1.9)   (19.1)

Income (loss) from discontinued    (0.4)   19.0       (6.1)   48.8
operations, net of tax

Net loss                           $(40.6) $(4.5)     $(31.7) $(45.8)

Adjustments to reconcile to net
cash provided by operating         57.2    50.7       123.7   173.3
activities

Change in other operating balances 29.8    (11.5)     51.3    (3.4)

Cash flows from operating          $46.4   $34.7      $143.3  $124.1
activities

Project-level debt repayments      (1.7)   (2.7)      (12.2)  (12.1)

Purchases of property, plant and   (2.2)   (0.4)      (7.3)   (1.2)
equipment

Dividends on preferred shares of a (3.2)   (3.3)      (9.5)   (9.8)
subsidiary company

Distributions to noncontrolling    (1.4)   -          (4.4)   -
interests

Cash Available for Distribution    $37.9   $28.3      $109.9  $101.0

Total cash dividends declared to   11.0    34.0       47.2    99.1
shareholders

Payout Ratio                       29%     120%       43%     98%

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.

Atlantic Power Corporation
Table 10 – Project Adjusted EBITDA by Project (for Selected
Projects)
(in millions of U.S. dollars)
Unaudited
                              Three months ended  Nine months ended
                              September 30,       September 30,
                              2013  2012          2013   2012

Project Adjusted EBITDA by segment

Northeast       Accounting

Cadillac        Consolidated  $2.5  $2.3          $7.1   $6.7

Curtis Palmer   Consolidated  6.6   3.1           25.2   18.9

Nipigon         Consolidated  (0.5) 3.0           8.2    10.2

North Bay       Consolidated  0.5   (0.2)         5.0    4.2

Tunis           Consolidated  2.0   2.0           6.1    8.4

Other (3        Consolidated  2.9   0.9           14.1   5.3
projects)

Chambers        Equity method 5.4   4.7           15.5   18.7

Selkirk         Equity method 5.5   4.5           15.6   12.8

Total                         24.9  20.3          96.8   85.2

Southeast

Piedmont        Consolidated  3.5   -             3.7    (0.1)

Orlando         Equity method 2.4   2.3           6.7    6.6

Total                         5.9   2.3           10.4   6.5

Northwest

Meadow Creek    Consolidated  3.9   -             10.4   -

Rockland        Consolidated  2.8   0.7           7.3    2.3

Williams Lake   Consolidated  6.9   6.7           15.4   16.0

Other (2        Consolidated  (0.1) 1.7           2.9    7.3
projects)

Other (4        Equity method 5.9   3.5           17.0   12.9
projects) ((1))

Total                         19.4  12.6          53.0   38.5

Southwest

Canadian Hills  Consolidated  3.7   -             18.3   -

Manchief        Consolidated  4.4   4.0           12.3   11.5

Other (6        Consolidated  19.8  18.1          30.3   35.3
projects)

Other (2        Equity method 1.6   1.3           3.6    1.2
projects)

Total                         29.5  23.4          64.5   48.0

Totals

Consolidated                  58.9  42.3          166.3  126.0
projects

Equity method                 20.8  16.3          58.4   52.2
projects

Un-allocated                  (3.5) (1.2)         (11.4) (7.5)
corporate

Total Project                 $76.2 $57.4         $213.3 $170.7
Adjusted EBITDA

Reconciliation to project income (loss)

Depreciation and amortization $51.4 $41.8         $154.5 $123.0

Interest expense, net         10.6  5.8           30.5   18.1

Change in the fair value of   3.5   (10.8)        (34.8) 48.9
derivative instruments

Other expense                 5.9   0.9           5.8    4.4

Project income (loss)         $4.8  $19.7         $57.3  $(23.7)

(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 
To view this news release in HTML formatting, please use the following URL: 
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CO: Atlantic Power Corporation
ST: Massachusetts
NI: OIL UTI ERN EST ERN CONF  
-0- Nov/07/2013 22:33 GMT