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Brookfield Renewable Reports Strong First Quarter Results

May 2, 2014 – Brookfield Renewable Energy Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable”) today announced strong results for the three months ended March 31, 2014.

“Our first quarter results reflect the strong performance from our portfolio and provide an early indication of the strategic impact of positioning the business for improving market fundamentals and expanding into new markets,” said Richard Legault, President and CEO. “We expect these initiatives to grow and diversify our revenue streams and to support the long-term growth of cash flows and distributions on a per-unit basis.”

Financial Results

US$ millions (except per unit or otherwise noted) Three months ended March 31
    2014   2013
Generation (GWh)        
– Total    5,711    5,535
– Brookfield Renewable’s share    4,756    4,634
Revenues $  480 $  437
Adjusted EBITDA(1) $  360 $  319
Funds from operations (FFO)(1) $  185 $  162
FFO per unit(1)(2) $  0.70 $  0.61

(1) None-IFRS measure. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
(2) For the three and 12 months ended December 31, 2013 weighted average LP units, Redeemable/Exchangeable units and General partnership units totaled 265.3 million (2012: 265.2 million).

Review of Operations

For the first quarter, adjusted EBITDA achieved a quarterly record of $360 million, an increase of 13% compared to $319 million in Q1 2013. Funds from operations (FFO) increased 14% to $185 million or $0.70 per unit as compared with $162 million or $0.61 per unit in the prior year. Results benefited from higher electricity prices in the northeastern United States and Brazil, which added $35 million to FFO in the quarter.

Total generation for the three months ended March 31, 2014 was 5,711 GWh, an increase of 176 GWh from the same period in the prior year.

The hydroelectric portfolio generated 5,001 GWh, in-line with the long-term average (LTA) of 4,916 GWh and an increase of 222 GWh as compared to the first quarter of 2013. Generation from existing hydroelectric assets was 4,711 GWh compared to 4,779 GWh for the prior year. Portfolios acquired in Maine during the quarter and the first quarter of 2013 contributed another 231 GWh of generation, and a facility commissioned in Brazil in the first quarter of 2013 contributed an additional 59 GWh.

The wind portfolio generated 610 GWh as compared to LTA of 635 GWh, and an increase of 71 GWh compared to the first quarter of 2013. Generation increased over the prior year due to improved wind conditions and an incremental 27 GWh from a full quarter’s contribution from facilities acquired in California in the first quarter of 2013.

The tables below summarize generation by segment and region:

Generation (GWh) Variance of Results
For the months ended
March 31
Actual 2014 Actual 2013 LTA 2014 Actual vs. LTA Actual vs. Prior Year
Hydroelectric generation
United States 2,591 2,561 2,794 (203) 30
Canada 1,311 1,282 1,193 118 29
Brazil(1) 1,099 936 929 170 163
5,001 4,779 4,916 85 222
Wind Generation
United States 273 219 311 (38) 57
Canada 337 323 324 13 14
610 539 635 (25) 71
Other 100 217 219 (119) (117)
Total generation(2) 5,711 5,535 5,770 (59) 176

(1) For assets acquired or reaching commercial operation during the year, this figure is calculated from the acquisition or commercial operation date.
(2) In Brazil, assured generation levels are used as a proxy for LTA.
(3) Includes our share of generation in respect of those equity-accounted investments which we do not manage.

Recent Highlights

  • Brookfield Renewable and its institutional partners completed the acquisition of a 33% economic and 50% voting interest in the 417 MW Safe Harbor hydroelectric generating station on the Susquehanna River in Pennsylvania. The facility generates an average of 1,100 GWh annually, possesses storage capabilities supporting daily peaking and is one of the largest conventional hydroelectric facilities in the PJM market.
  • Brookfield Renewable and its institutional partners agreed to acquire the wind portfolio of Bord Gáis Energy for a total enterprise value of up to approximately €700 million ($960 million), subject to customary closing adjustments. The portfolio comprises 321 MW of operating wind capacity with an additional 125 MW currently in construction and an approximate 300 MW development pipeline. The transaction represents Brookfield’s first renewable energy investment outside the Americas and provides a strong foundation to build a scalable renewable energy business in Europe.
  • The 45 MW Kokish River hydroelectric facility in British Columbia entered commercial operation in April 2014. The project was developed by Brookfield Renewable and its partners, the ’Namgis First Nation.
  • Brookfield Renewable and its institutional partners completed the acquisition of the 70 MW Black Bear hydroelectric portfolio in Maine.
  • Liquidity at quarter-end was approximately $1.2 billion, providing the financial resources and flexibility to fund ongoing growth initiatives.
  • On March 21, 2014, Brookfield Renewable was included in the S&P/TSX Composite Index, the benchmark index for the Canadian equity markets.
  • The previously announced distribution increase of 7% to $1.55 on an annualized basis took effect with the March 31, 2014 payment.

Distribution Increase and Declaration

The Board of Directors has declared a quarterly distribution in the amount of $0.3875 per limited partnership unit, payable on June 30, 2014 to unitholders of record as at the close of business on May 30, 2014. This distribution is consistent with Brookfield Renewable’s policy of targeting a long-term, sustainable distribution in the range of 60-70% of FFO and which increases on average by 3% to 5% annually.

The regular quarterly dividends on the Brookfield Renewable Power Preferred Equity Inc. preferred shares have also been declared.

Distribution Currency Option

The quarterly distributions payable on limited partnership units of Brookfield Renewable Energy Partners are declared in U.S. dollars. Registered and beneficial shareholders who are resident in Canada or the United States may opt to receive their distributions in either U.S. dollars or the Canadian dollar equivalent. Unless they request the Canadian dollar equivalent, shareholders will continue to receive distributions in U.S. dollars (which may be converted for them by the broker or other intermediary, as may currently be the case). The Canadian dollar equivalent of the quarterly distribution will be based on the Bank of Canada noon exchange rate on the record date or, if the record date falls on a weekend or holiday, on the Bank of Canada noon exchange rate of the preceding business day.

Registered shareholders wishing to receive the Canadian dollar distribution equivalent should contact Brookfield Renewable’s transfer agent, Computershare Trust Company of Canada, in writing at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 or by phone at 1-800-564-6253. Beneficial unitholders (i.e., those holding their units in street name with their brokerage) should contact the broker with whom their units are held.

Distribution Reinvestment Plan

Brookfield Renewable maintains a Distribution Reinvestment Plan (“DRIP”) which allows holders of its limited partnership units who are resident in Canada to acquire additional units by reinvesting all or a portion of their cash distributions without paying commissions. Information on the DRIP, including details on how to enroll, is available on Brookfield Renewable’s website at

Additional information on Brookfield Renewable’s distributions and preferred share dividends can be found on its website at under Investor Relations.

Additional Information

The Letter to Shareholders and the Supplemental Results for the period ended March 31, 2014 contain further information on Brookfield Renewable’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available at

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Brookfield Renewable Energy Partners (TSX: BEP.UN; NYSE: BEP) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals over 6,000 megawatts of installed capacity. Diversified across 71 river systems and 12 power markets in the United States, Canada and Brazil, the portfolio’s output is sold predominantly under long-term contracts and generates enough electricity from renewable resources to power more than three million homes on average each year. With a portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to shareholders. For more information, please visit

For more information, please contact:

Zev Korman
Vice President, Investor and Media Relations
Tel: 416-359-1955



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