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Atlantic Power Corporation (NYSE: AT) announced a one-year extension of its Calstock Power Purchase Agreement (PPA), now effective until December 16, 2021. This extension offers time for the Ontario government to explore future mill waste management options. Additionally, the company settled an insurance claim for its Cadillac plant, receiving approximately $10.1 million. This aligns with their 2020 Project Adjusted EBITDA guidance of $175 million to $190 million. The settlement is expected to positively impact the fourth quarter income.
Atlantic Power Corporation announced a dividend rate of 4.30% on its Cumulative Floating Rate Preferred Shares, Series 3 (AZP.PR.C), payable on March 31, 2021. This rate reflects the Canadian Government's 90-day Treasury Bill yield plus a margin of 4.18%, calculated as of November 30, 2020. The dividend is designated as an "eligible dividend" under Canadian tax law, potentially benefiting U.S. taxpayers with a reduced rate for "qualified dividends." Atlantic Power operates power generation assets across the U.S. and Canada, focusing on long-term contracts.
Atlantic Power Corporation has declared quarterly dividends on its preferred shares, effective December 31, 2020. The amounts are Cdn$0.303125 for Series 1, Cdn$0.358688 for Series 2, and Cdn$0.274653 for Series 3. Shareholders on record as of December 15, 2020, will receive these dividends. The Corporation designates these dividends as "eligible dividends" for tax purposes under Canadian law, providing potential tax advantages for U.S. investors. Atlantic Power operates power generation assets across the U.S. and Canada, minimizing exposure to commodity prices.
Atlantic Power reported a net income of $16.2 million or $0.15 per diluted share for Q3 2020, an increase from $12.6 million or $0.10 per diluted share in Q3 2019. Operating cash flows decreased to $27.8 million from $36.4 million in the prior year, largely due to working capital changes. Project Adjusted EBITDA saw a slight increase to $49.5 million. The company repaid $19.8 million in debt, achieving a leverage ratio of 3.9 times. Cash and cash equivalents stood at $132 million as of September 30, 2020, reflecting a focus on financial stability.
Atlantic Power Corporation (NYSE: AT) will release its financial results for the third quarter of 2020 on November 9, 2020, after market close. Following this, a conference call and webcast led by management will take place on November 10, 2020, at 8:00 AM ET. Participants can access the call and presentation through the Company's website. Atlantic Power operates power generation assets across the U.S. and Canada, focusing on long-term contracts to minimize commodity price exposure.
Atlantic Power Corporation (NYSE: AT) has provided updates on its Cadillac and Oxnard plants. The Cadillac biomass plant has resumed operation after reconstruction following a fire in September 2019, with insurance claims expected to settle by September 2020. Meanwhile, the Oxnard gas-fired plant will operate under a Reliability Must Run (RMR) agreement until December 2020 and has executed a Resource Adequacy (RA) agreement effective January 1, 2021. This RA agreement promises fixed monthly payments and additional revenue streams, marking a positive shift for Oxnard.
Atlantic Power Corporation has declared quarterly dividends for its preferred shares. The dividends are Cdn$0.303125 for Series 1, Cdn$0.358688 for Series 2, and Cdn$0.286976 for Series 3. Payments will be made on September 30, 2020, to shareholders recorded by September 15, 2020. These dividends are categorized as "eligible dividends" under Canadian tax law, potentially subject to reduced tax rates for U.S. shareholders. Atlantic Power continues to operate power generation assets across the U.S. and Canada, with a focus on minimizing commodity price exposure.
Atlantic Power Corporation announced a dividend rate of 4.36% for its Cumulative Floating Rate Preferred Shares, Series 3 (AZP.PR.C), payable on December 31, 2020. This rate was calculated based on the Canadian Government's 90-day Treasury Bill yield of 0.18% plus an additional 4.18%. The dividend qualifies as an 'eligible dividend' under Canadian tax law, potentially benefitting U.S. taxpayers as well. The Corporation is a wholly-owned subsidiary of Atlantic Power, which operates power generation assets across North America.
Atlantic Power Corporation declared quarterly dividends for its preferred shares: Cdn$0.303125 for Series 1, Cdn$0.358688 for Series 2, and Cdn$0.286976 for Series 3. These dividends will be paid on September 30, 2020, to shareholders recorded as of September 15, 2020. The dividends qualify as 'eligible dividends' under Canadian tax law, and U.S. taxpayers may benefit from reduced tax rates on qualified dividends. This announcement emphasizes the company’s commitment to returning value to shareholders.
Atlantic Power reported a net loss of $5.7 million in Q2 2020, down from a $1.2 million profit in Q2 2019. Project Adjusted EBITDA fell to $36.7 million from $50.8 million, attributed to lower water flows and maintenance issues. Cash from operating activities decreased to $35.9 million from $38.9 million in 2019. The company repurchased 20 million shares at an average price of $2.04, reducing shares outstanding by 18%. Despite challenges, 2020 guidance for Project Adjusted EBITDA remains between $175 million and $190 million.
