Boralex Renewable Energy Revenues
Increase 28%
Boralex Inc. (TSX: BLX.A), considered the largest private producer
of wood residue energy in North America, has announced a 28 percent increase in energy sales for its latest quarter,
ended June 30, 2005. For the quarter, revenues were recorded as $20.4 million compared to $15.9 million for the same
period in 2004.
Boralex attributed gains in its earnings in part to $2.2 million
in revenue from renewable energy certificates (RECs) and $5.1 million in United States tax credits. The company indicated
that the tax credits in the first and second quarter represented the equivalent of $9.00 per megawatt hour produced at its
wood-residue power stations.
Summarizing the broad base of Boralex’s operations in the
quarter was Claude Audet, who serves as President and Chief Operating Officer, "Operations wise, during this quarter, Boralex
has achieved significant milestone steps to improve the wood-residue supply, to improve productivity and record additional
revenue from RECs. Moreover, Boralex is in the process of adding equipment to all its wood-residue power stations in order
to qualify these facilities for the various US RECs programs."
He continued with wind energy operations, "As for the wind power
segment, the end of 2005 will mark the commissioning of the new Massif Central and Plouguin wind power sites which will add
65 MW of installed capacity, taking Boralex's total capacity in this segment to nearly 90 MW. In addition, the recently concluded
(euro) 190 million master credit agreement will give Boralex more flexible access to funds required to develop other wind
power projects in France."
The company has power stations for the generation of hydroelectric,
wood residue, natural gas and wind power. Wood residue generated the most electricity in terms of megawatt hours. For the
quarter ended June 30, 2005 wood residue energy generated 190,952 megawatts hours compared to 153,896 megawatt hours over
the year ago quarter. Hydroelectric power came in second at 31,108 megawatts, down from 38,164 megawatt hours for the year
earlier quarter. Wind power increased the most percentage wise to 9,479 megawatts in the recent quarter from 4,969 megawatts
for the quarter a year earlier. Total power generation for the quarter was 231,626 megawatt hours up from 211,387 megawatts
over a year ago.
Revenue for each of these energy segments for the most part tracked
megawatt growth quarter-over-quarter. Hydroelectric power dropped to $2.63 million from $2.75 million, Wood-residue power
increased to $14.46 million from $10.04 million and wind power to $1.27 million from $0.70 million.
