In Q1, the company posted pre-tax earnings in the black at Can$1.7M compared to a loss of Can$506,000 last time. Revenues for the three months to 31 March were up 65% to Can$14.5M from the same period in 2006.
Net output from the mixed renewables portfolio was 200GWh in Q1, up almost 58% from 127GWh last time. From the hydro assets, output was 54.9GWh compared to 47.8GWh last time.
The average price received for output was Can$74/MWh, which is Can$4/MWh higher than before, but the average spot price was down to Can$54/MWh. About 80% of the company's output is sold via long-term supply contracts, down from 89% last time.
Flows in Alberta were expected to be restricted by the province this spring due to above-normal reservoir levels and snow accumulated in the mountains. As a result, Canadian Hydro expects below average to only average generation in Q2.
In British Columbia, snow packs are at record levels, and consequently Canadian Hydro expects to be at least average this summer, depending on weather.
The story in Ontario, however, is one of anticipated lower generation because of rainfall below normal. The company said it was too early to state whether the reduced precipitation could bring output in the year below that of 2006 for the province.
