Jade Power Reports First Quarter 2022 Results

Source: www.gulfoilandgas.com 5/30/2022, Location: North America

Jade Power Trust is pleased to report its financial results for the first quarter of 2022. All amounts are expressed in Canadian Dollars unless otherwise noted.

Highlights1
• Record energy generation of 55,070 MWh for the quarter ended March 31, 2022, compared to 43,821 MWh with the comparable period in 2021. Energy generation for the quarter was higher than the prior year's comparable period, primarily due more favorable wind conditions in the current quarter.
• Record revenue of $6.7 million for the quarter ended March 31, 2022, compared to $5.0 million for the quarter ended March 31, 2021. The increase in revenue was primarily a result of more wind energy generation.
• Net income of $2.2 million, or $0.10 per trust unit in the capital of the Trust (each, a “Unit”), for the quarter ended March 31, 2022, compared to $1.7 million, or $0.08 per Unit, for the same period in 2021.
• Adjusted EBITDA2 of $4.2 million, or $0.19 per Unit, for the quarter ended March 31, 2022, was at a record level and compared with $2.9 million, or $0.13 per Unit, for the quarter ended March 31, 2021. (See reconciliation of adjusted EBITDA under “Non-GAAP Financial Measures”)
• Operating cash flows2 of $2.4 million, or $0.11 per Unit, after net changes in working capital for the first quarter of 2022, compared to $3.7 million, or $0.16 per Unit, for the first quarter of 2021. The decrease in operating cash flows was driven by lower sales of Green Certificates, resulting in an increase in Green Certificates outstanding at the end of the period which will be sold in future periods. (See reconciliation of operating cash flows after net changes in working capital under “Non-GAAP Financial Measures”)

J. Colter Eadie, Chief Executive Officer of Jade Power, commented, “We delivered excellent performance in Q1 2022 with net earnings of $0.10 per Unit and EBITDA of $0.19 per Unit. We remain well positioned to deliver on strategic goals and our operations continue to be not adversely affected by the ongoing geopolitical developments in Europe. The macro environment for renewables continues to remain strong with market prices for electricity at multi-year highs and a more urgent push than ever to move away from imported fossil fuels.”


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Highlights of 2022's Second Quarter ...





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