Atlantic Power Corporation Releases Third Quarter 2013 Results

        Atlantic Power Corporation Releases Third Quarter 2013 Results

PR Newswire

BOSTON, Nov. 7, 2013

BOSTON, Nov. 7, 2013 /PRNewswire/ --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

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

Q3 2013 Financial Highlights

  oProject 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
  oCash flows from operating activities increased $11.7 million from Q3 2012
    to $46.4 million, primarily due to higher Project Adjusted EBITDA
  oProject 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
  oCash 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

  oNarrowed previous guidance range for 2013 Project Adjusted EBITDA of $250
    to $275 million to $260 to $275 million
  oReaffirmed guidance for 2013 Cash Available for Distribution and Payout
    Ratio
  oConfirmed $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    76.2          57.4         213.3        170.7
^(2)
Cash Distributions from    67.4          58.1         172.5        153.1
Projects ^(2)
Aggregate power generation 2,183.9       1,513.6      6,172.5      4,400.2
(thousands of Net MWh)
Weighted average           94.9%         96.7%        94.3%        95.5%
availability
Including results from
discontinued operations
Cash flows from operating  $46.4         $34.7        $143.3       $124.1
activities
Cash Available for         37.9          28.3         109.9        101.0
Distribution ^(2)
Total cash dividends       11.0          34.0         47.2         99.1
declared to 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:

  oSummary 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);
  oBridge 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);
  oReconciliation 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);
  oReconciliation 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
  oSummary 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

  oAnnual Project Adjusted EBITDA guidance of $250 to $275 million narrowed
    to $260 to $275 million
  oAnnual Cash Available for Distribution guidance of $85 to $100 million
    reaffirmed
  oAnnual 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 EBITDA   $250 - $275      $260 - $275      $213.3
^(1)(2)
Cash Available for        $85 - $100       $85 - $100       $109.9
Distribution ^(2)(3)
Total cash dividends      $60              $60              $47.2
declared to shareholders
Payout Ratio, including
discontinued operations   65% - 75%        65% - 75%        43%
^(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                                           Projected Year-end 2013
                             September 30, 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 projecthave begunin
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.comor 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:

  o2013 Project Adjusted EBITDA will be in the range of $260 to $275 million;
  o2013 Cash Available for Distribution will be in the range of $85 to $100
    million;
  othe 2013 Payout Ratio will be in the range of 65% to 75% and, on a pro
    forma basis, less than 100%;
  othe Company will have approximately $145 million available excess cash at
    year-end;
  oduring 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;
  othe Company may be required to use cash and/or letters of credit as
    additional collateral with an existing counterparty;
  oproject 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;
  othe 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;
  ototal 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;
  othe sale of Delta-Person will successfully close in the first quarter of
    2014 with net cash proceeds received by the Company of $9 million;
  othe outcome of negotiations for the divestiture of Rollcast and the timing
    of such divestiture;
  ototal cash dividends declared to shareholders in 2013 will be
    approximately $60 million;
  othe 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
  othe 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 asset 0.3               9.5
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 affiliates 404.5             428.7
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 company 221.3             221.3
Accumulated other comprehensive income (loss)   (8.7)             9.4
Retained deficit                                (649.6)           (565.2)
Total Atlantic Power Corporation shareholders'  848.7             951.0
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 unconsolidated      39.1      4.0      55.0     12.4
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 before    (40.2)    (20.4)   (27.5)   (113.7)
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       (0.4)     19.0     (6.1)    48.8
operations, net of tax ^(1)
Net loss                                  (40.6)    (4.5)    (31.7)   (45.8)
Net loss attributable to noncontrolling   (2.5)     (0.4)    (3.3)    (0.7)
interest
Net income attributable to preferred share     3.2  3.4      9.5      9.8
dividends of a subsidiary company
Net loss attributable to Atlantic Power   $(41.3)   $(7.5)   $(37.9)  $(54.9)
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 Power   $(0.34)   $(0.06)  $(0.32)  $(0.48)
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 Power   $(0.34)   $(0.06)  $(0.32)  $(0.48)
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 charges  (4.6)           0.8
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 affiliates   28.5            26.8
Unrealized foreign exchange loss               1.5             21.7
Change in fair value of derivative instruments (44.1)          41.0
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 and other 54.2            (13.2)
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 equipment      (7.2)           (1.2)
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 of       -               67.7
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 interests     (13.9)          -
Cash (used in) provided by financing           (186.6)         275.4
activities
Net increase (decrease) in cash and cash       104.3           (16.0)
equivalents
Less cash at discontinued operations           (0.3)           (1.8)
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     $170.7          $42.9
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
Unaudited     Adjusted of        expense, Capital      changes   Distributions
              EBITDA   long-term net      expenditures in        from Projects
                       debt                            working
                                                       capital
Segment
Northeast
             $65.7    $(1.8)    $(10.2)  $(2.6)       $18.3     $69.4
Consolidated
 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
             3.7      (1.5)     (2.6)    -            0.4       -
Consolidated
 Equity      6.7      -         -        -            (0.7)     6.0
method
 Total       10.4     (1.5)     (2.6)    -            (0.3)     6.0
Northwest
             36.0     (4.9)     (10.5)   (4.4)        5.7       21.9
Consolidated
 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
             60.9     -         (0.7)    0.3          (18.7)    41.8
Consolidated
 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       58.4     (14.0)    (4.7)    (2.0)        1.7       39.4
equity 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
             $53.7    $(1.8)    $(10.3)  $(0.4)       $8.7      $49.9
Consolidated
 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
             (0.1)    -         -        -            0.1       -
Consolidated
 Equity      6.6      -         -        -            (0.4)     6.2
method
 Total       6.5      -         -        -            (0.3)     6.2
Northwest
             25.6     -         (1.4)    (0.5)        (0.5)     23.2
Consolidated
 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
             46.8     -         -        (0.4)        3.3       49.7
Consolidated
 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       52.2     (19.7)    (6.5)    0.1          4.2       30.3
equity 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      $67.4         $58.1       $172.5      $153.1
Projects
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             51.4          41.8        154.5       123.0
amortization
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     45.0          40.1        84.8        90.0
expenses
Income tax expense (benefit) -             3.1         (1.9)       (19.1)
Income (loss) from
discontinued operations, net (0.4)         19.0        (6.1)       48.8
of tax
Net loss                     $(40.6)       $(4.5)      $(31.7)     $(45.8)
Adjustments to reconcile to
net cash provided by         57.2          50.7        123.7       173.3
operating activities
Change in other operating    29.8          (11.5)      51.3        (3.4)
balances
Cash flows from operating    $46.4         $34.7       $143.3      $124.1
activities
Project-level debt           (1.7)         (2.7)       (12.2)      (12.1)
repayments
Purchases of property, plant (2.2)         (0.4)       (7.3)       (1.2)
and equipment
Dividends on preferred
shares of a subsidiary       (3.2)         (3.3)       (9.5)       (9.8)
company
Distributions to             (1.4)         -           (4.4)       -
noncontrolling interests
Cash Available for           $37.9         $28.3       $109.9      $101.0
Distribution
Total cash dividends         11.0          34.0        47.2        99.1
declared to 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 EBITDAby 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 projects)  Consolidated      2.9       0.9          14.1     5.3
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 projects)  Consolidated      (0.1)     1.7          2.9      7.3
Other (4 projects)  Equity method     5.9       3.5          17.0     12.9
^(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 projects)  Consolidated      19.8      18.1         30.3     35.3
Other (2 projects)  Equity method     1.6       1.3          3.6      1.2
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

Website: http://www.atlanticpower.com
 
Press spacebar to pause and continue. Press esc to stop.