Last C$2.73 CAD
Change Today +0.09 / 3.41%
Volume 1.5K
MXG On Other Exchanges
Symbol
Exchange
Toronto
OTC US
As of 9:57 AM 03/2/15 All times are local (Market data is delayed by at least 15 minutes).

maxim power corp (MXG) Snapshot

Open
C$2.81
Previous Close
C$2.64
Day High
C$2.81
Day Low
C$2.73
52 Week High
08/21/14 - C$3.36
52 Week Low
12/29/14 - C$2.27
Market Cap
148.0M
Average Volume 10 Days
4.7K
EPS TTM
C$-0.19
Shares Outstanding
54.2M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for MAXIM POWER CORP (MXG)

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maxim power corp (MXG) Details

Maxim Power Corp., an independent power producer, is engaged in the acquisition, development, ownership, and operation of power generation facilities. It is also involved in the sale of electricity and thermal energy. The company primarily generates electricity through natural gas, coal, biogas, cogeneration, waste heat, and landfill gas fuelled generators. As of December 31, 2013, it owned and operated 40 power plants with 785 megawatts (MW) of electric and 110 MW of thermal generating capacity in Western Canada, the United States, and France. The company is headquartered in Calgary, Canada.

maxim power corp (MXG) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$299.2K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: C$222.8K
President of Comax France SAS
Total Annual Compensation: C$213.9K
Vice President of Corporate Development
Total Annual Compensation: C$216.3K
Compensation as of Fiscal Year 2013.

maxim power corp (MXG) Key Developments

Maxim Power Corp. Receives Approval for Milner Expansion and Provides Results of ISO New England's Forward Capacity Auction No. 9

Maxim Power Corp. announced that the Alberta Utilities Commission issued Decision 3420-D01-2015 approving MAXIM's application to construct and operate the Milner Expansion Project ("M3"). M3 is an 86 megawatt (MW) natural gas-fired cogeneration power plant to be located adjacent to MAXIM's existing HR Milner Generating Station, approximately 20 kilometres north of the town of Grande Cache, Alberta. The M3 expansion will increase generating capacity at the Milner site while reducing total greenhouse gases and air emissions. Exhaust energy from M3's gas turbines will be converted to steam and utilized to generate electricity in the existing M1 steam turbine, displacing coal-sourced steam. The generating capacity at the site will increase by 86 MW to 236 MWs. Total emissions of carbon dioxide, nitrogen oxides, sulfur oxides and particulates at the Milner site will decrease compared to running M1 alone. MAXIM is proceeding with more detailed engineering design and construction timelines for M3. MAXIM anticipates that the construction of M3 would be initiated prior to the construction of its proposed M2 project, a 520 MW combined cycle natural gas fired generating station also to be located on the Milner site. February 2, 2015, for the delivery period June 1, 2018 to May 31, 2019. Results for the auction were subsequently announced on February 4, 2015. Auction clearing prices for the Rest-of-Pool and Connecticut Capacity Zones, which encompass MAXIM's Pittsfield and CDECCA facilities, respectively, cleared at a price of $9.550/kW-month. Existing units in the Southeastern Massachusetts and Rhode Island Capacity Zone, which encompasses MAXIM's Pawtucket facility, cleared at a premium administered price of $11.080/kW-month due to "Inadequate Supply". Higher capacity rates will have a positive impact on MAXIM's facilities in the ISO-NE region. The FCA 9 clearing prices of $9.550/kW-month and $11.080/kW-month represent an increase of 198% and 245%, respectively, from the current price of $3.209/kW-month, and represent an increase over the FCA 8 administered price of $7.025/kW-month for existing units in the same Capacity Zones. Based on MAXIM's forecasted claimed capability volumes, the Corporation anticipates that locked-in capacity revenue earned in the ISO-NE market, denominated in US dollars, will increase from $9.6 million for the twelve months ending May 31, 2015 to $29.6 million for the twelve months ending May 31, 2019.

Maxim Power Corp. Provides an Update on the Federal Energy Regulatory Commission Inquiry

Maxim Power Corp. has been responding to a FERC inquiry since the latter part of 2013 related to its offers to supply electricity in the ISO New England market. Throughout this process, MAXIM has continued to cooperate fully with FERC's Office of Enforcement, including voluntarily making documents and witnesses available for examination. FERC issued an Order to Show Cause concerning certain offers to supply electricity occurring during July and August of 2010 in response to Enforcement Staff's inquiry. In the Order to Show Cause, the Commission states that issuance of the order does not indicate Commission adoption or endorsement of the Office of Enforcement's staff report recommending issuance. Commissioner Clark, one of the four participating Commissioners, dissented concluding that he did not find that the record sufficiently supports the Commission moving forward with the Order to Show Cause. MAXIM is in the process of reviewing the order. FERC has emphasized that an Order to Show Cause does not make any finding as to whether there has been any violation of law. Rather, an Order to Show Cause commences a process under which FERC's Office of General Counsel, rather than the Office of Enforcement, will take the lead in advising the Commission regarding the disposition of the arguments advanced by either the Office of Enforcement or MAXIM (Enforcement of Statutes, Regulations and Orders, Revised Policy Statement on Enforcement, 123 FERC paragraph 61,156, at P 37 (2008)). MAXIM has not yet had any opportunity to take any formal discovery or otherwise defend itself concerning these alleged violations before FERC or in a federal district court. Should the Order to Show Cause ever culminate in FERC's issuing an Order Assessing Civil Penalty, MAXIM will have the opportunity to require FERC to initiate a judicial proceeding in which a federal district court will review the facts and the law de novo (Process for Assessing Civil Penalties, 117 FERC paragraph 61,317, at P 5 (2006)). MAXIM intends to vigorously defend itself before FERC or, if necessary, in federal court and is confident it can demonstrate that the conduct set out in the Order to Show Cause did not violate FERC's anti-manipulation rule or any other rule.

Maxim Power Corp. Announces Unaudited Consolidated Earnings and Operating Results for Its Third Quarter and Nine Months Ended September 30, 2014

Maxim Power Corp. announced unaudited consolidated earnings and operating results for its third quarter and nine months ended September 30, 2014. For the quarter, the company reported net revenues of CAD 24,208,000 compared with CAD 45,046,000 for the same period a year ago. Adjusted EBITDA was CAD 3,430,000 compared with CAD 14,828,000 for the same period a year ago. Adjusted net loss was CAD 1,186,000 or CAD 0.02 per basic and diluted share compared with adjusted net income of CAD 9,685,000 or CAD 0.18 per basic and diluted share for the same period a year ago. Net loss attributable to shareholders was CAD 1,415,000 or CAD 0.03 per basic and diluted share compared with net income attributable to shareholders of CAD 7,640,000 or CAD 0.14 per basic and diluted share for the same period a year ago. Funds from operations were CAD 2,611,000 or CAD 0.05 per basic and diluted share compared with CAD 13,998,000 or CAD 0.26 per basic and diluted share for the same period a year ago. For the nine months, the company reported net revenues of CAD 112,478,000 compared with CAD 136,933,000 for the same period a year ago. Adjusted EBITDA was CAD 16,399,000 compared with CAD 43,232,000 for the same period a year ago. The decline in EBITDA was due to Milner which is down CAD 18.9 million, primarily due to lower Alberta power prices which have averaged CAD 56 year-to-date versus CAD 91 for the same nine month period in 2013. Adjusted net loss was CAD 1,937,000 or CAD 0.04 per basic and diluted share compared with adjusted net income of CAD 20,395,000 or CAD 0.38 per basic and diluted share for the same period a year ago. Net loss attributable to shareholders was CAD 2,253,000 or CAD 0.04 per basic and diluted share compared with net income attributable to shareholders of CAD 18,672,000 or CAD 0.34 per basic and diluted share for the same period a year ago. Funds from operations were CAD 13,690,000 or CAD 0.25 per basic and diluted share compared with CAD 41,133,000 or CAD 0.76 per basic and diluted share for the same period a year ago. Net debt was CAD 26 million at September 30, 2014 which is a decrease of CAD 12 million from CAD 38 million at December 31 of 2013. For the quarter, the company reported electricity deliveries of 192,272 MWh compared with 340,144 MWh for the same period a year ago. Net generation capacity was 777 MW compared with 802 MW for the same period a year ago. For the quarter, the company reported electricity deliveries of 750,136 MWh compared with 834,029 MWh for the same period a year ago. Net generation capacity was 777 MW compared with 802 MW for the same period a year ago.

 

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