Valener announces its results for the third quarter of fiscal 2015: A quarter marked by excellent wind farm performance and Gaz Métro's solid results

As usual at the start of the summer period, when heating needs are at their lowest, Valener recorded a recurring net loss attributable to common shareholders in the third quarter of fiscal 2015. However, the loss was only $0.1 million or $0.00 per common share compared to a recurring net loss of $1.7 million or $0.04 per common share for the same period last fiscal year. After nine months, Valener's recurring net income attributable to common shareholders totalled $50.3 million or $1.32 per common share, up $7.1 million or $0.18 per common share year over year. Overall, these results are up 16.4% year over year.

Summary of Gaz Métro's financial results

"Of note this quarter was the Régie de l'énergie's decision to maintain our 8.90% rate of return for the next two fiscal years. This decision will help us preserve our financial integrity and attract additional capital at reasonable conditions," explained Sophie Brochu, President and Chief Executive Officer of Gaz Métro.

For the first nine months of fiscal 2015, Gaz Métro recorded net income attributable to Partners of $213.1 million, up $8.1 million or 4.0% from the same period last fiscal year. This increase came mainly from favourable contributions by the Energy Distribution and Energy Production segments.

As is usual at the start of the summer period, Gaz Métro recorded a net loss. For the third quarter of fiscal 2015, this loss stood at $3.2 million, which is comparable to the loss recorded for last fiscal year's third quarter.

Highlights for the first nine months – Valener and Gaz Métro

Seigneurie de Beaupré Wind Farms 

Wind Farms 2 and 3 generated 220,493 megawatthours (MWh) during the third quarter of fiscal 2015 and 736,459 MWh during the first nine months, year-over-year increases of 36,052 MWh or 19.5% and of 274,797 MWh or 59.5%, respectively. These increases were essentially driven by favourable wind conditions and by the fact that these wind farms started commercial operations at the end of the first quarter of fiscal 2014.

The wind farms generated operating cash flows of $23.0 million in the third quarter of fiscal 2015 and of $51.5 million in the first nine months. A first distribution of $19.1 million was paid in February 2015, with Valener and Gaz Métro receiving $4.7 million and $4.9 million, respectively. Another distribution is expected to be paid during the fourth quarter of fiscal 2015.

Wind Farm 4 generated 55,265 MWh during the third quarter of fiscal 2015 and 137,310 MWh since it began commercial operations on December 1, 2014. It generated operating cash flows of $4.5 million in the third quarter of fiscal 2015 and of $3.6 million in the first nine months. A first distribution will likely be paid to Valener and Gaz Métro during the fourth quarter of fiscal 2015.

Highlights for the first nine months – Gaz Métro

Quebec activities

Natural gas distribution in Quebec (Gaz Métro-QDA)

In May 2015, the Régie de l'énergie (Régie) approved the renewal, for fiscal years 2016 and 2017, of the 8.90% rate of return on deemed common equity that it had authorized for fiscal years 2013 to 2015.

Liquefied natural gas

Gaz Métro is continuing to market the LNG available at its Montreal-East liquefaction plant (LSR plant), the capacity of which is expected to triple by the end of 2016. During the third quarter of fiscal 2015, Gaz Métro, through one of its subsidiaries, delivered 3.6 million cubic metres, bringing the total for the current fiscal year to 19.6 million cubic metres compared to 6.0 million cubic metres in the same nine-month period last year, an increase that contributed favourably to net income.

Gaz Métro and its subsidiaries have entered into an agreement in principle with Hydro-Québec Distribution to supply, build and operate an LNG storage, treatment and regasification site near the TransCanada Energy (TCE) power plant in Bécancour, the goal being to supply the natural gas required to generate electricity in peak winter periods. In June 2015, the project notice was submitted to Quebec's Ministry of Sustainable Development, Environment and the Fight Against Climate Change, and the environmental assessment and review process will proceed in the coming months such that the required authorization certificate is obtained.

In May 2015, Hydro-Québec Distribution filed an application with the Régie seeking approval to use LNG from the LSR plant to meet peak demand for electricity starting in winter 2018. This innovative solution will transform the TCE power plant in Bécancour, which has not produced electricity for several years now, into a strategic tool for meeting the needs of Quebecers during very cold spells by supplying it with LNG for the equivalent of approximately 100 hours a year.

U.S. activities

Greater efficiency in Vermont electricity distribution operations

During the first nine months of fiscal 2015, Green Mountain Power (GMP) continued, as planned, to merge its operations with those of Central Vermont Public Service (CVPS) such that it and its customers may continue to benefit from the resulting efficiencies and synergies.

For fiscal 2015, GMP has already  reached the US$8.0 million in synergy savings attributable to its customers. Additional savings will be realized and retained by GMP, according to the sharing mechanism.

Development project for the natural gas distribution system in Vermont

The Vermont Gas Systems, Inc. (VGS) system development project consists of extending natural gas distribution service by 66 km to the communities of Vergennes and Middlebury in Addison County.

In December 2014, VGS submitted a project cost update to the Vermont Public Service Board (VPSB) showing that the estimated costs now stand at US$153.6 million. The VPSB held hearings in June 2015 to review the cost estimate and to reconfirm the Certificate of Public Good. A decision is expected later this fall. At this time, the project is expected to come into service towards the end of 2016. The project continues to be viewed as a beneficial solution for the State of Vermont and to enjoy the support of the government agencies. Aside from the environmental advantages, natural gas remains a competitive energy source compared to other sources of fossil fuel. As at June 30, 2015, US$66.5 million had been invested in the project.

Gaz Métro's financial results

Gaz Métro's segment results – Net income (loss) attributable to Partners, excluding non-recurring items
		Three months ended June 30						Nine months ended June 30
(in millions of dollars)		2015 Werbung Mehr Nachrichten zur Valener Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares 02:00 - PR Newswire Bodycote Plc - Transaction in Own Shares Gefragter denn je...:    Explosive Nachfrage und Schockierendes Defizit! Auf den Schwingen des Silbers jetzt abheben! weiterlesen» Anzeige wo-site-teaser-box-16670_site-teaser-box_2024-04-16_08%253A00%253A00_2024-04-17_09%253A00%253A59