North America

 

REVENUES

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Revenues in 2012 grew 8% to 620 million dollars, benefiting from higher capacity in operation, stable load factor and higher selling prices.

Selling Price

The average selling electricity price in 2012 increased 3% from 2011 to $47/MWh. This performance reflects the 2% increase in the average selling price for PPA/hedge contracts in place (given the price escalators) and the 3% year-on-year improvement in the electricity spot price.

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OPERATING COSTS

Net operating costs increased 6%, bellow the business growth pace. Supplies and services increased 6% year-onyear while personnel costs grew 3% (or 1 million dollars). Other operating costs include non-recurrent events related to pipeline rationalisation (12 million dollars). Opex on a per MW basis decreased 1% being a good indicator of the company’s high efficiency.

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OPERATING INCOME

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All in all, EBITDA in the US increased 9% year-on-year to 408 million dollars in 2012, in line with the top-line evolution of norske casino. In the period, EBITDA margin improved +1pp to 66%.

IN STITUTIONAL PARTNERSHIPS

Income from institutional partnerships increased 5% to 164 million dollars, explained by the output increase of the projects generating PTC’s. The projects that opted for the cash reimbursement benefited from lower depreciation charges, booked in the P&L as amortisation of deferred income (18 million dollars in 2012). The Marble River wind farm applied for the cash reimbursement program having received the proceeds in the first weeks of Jan-13 (120 million dollars).

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