Capital online live casino games announces first quarter 2024 results
online live casino games hits major milestones
EDMONTON, Alberta – Capital online live casino games Corporation (TSX: CPX) today released financial results for the quarter ended March 31, 2024.
online live casino games highlights
- Generated adjusted funds from operations (AFFO) of 2 million and online live casino games cash flows used in operating activities of 4 million
- Generated adjusted EBITDA of 9 million and a online live casino games income of 5 million
Strategic highlights
- Successful commissioning began on online live casino games repower unit 1 simple cycle and retired online live casino games 1, a significant milestone towards our net-zero by 2045 goal. Provided updated cost on online live casino games repower project as completion nears.
- Discontinuing pursuit of .4 billion online live casino games carbon capture and storage (CCS) project.
- Completed acquisition of 100% interest online live casino games New casino games Paloma facility in California and 50% interest online live casino games 2024 free bonus casino facility in Arizona for .5 billion (US .1 billion) online live casino games U.S. Western Electricity Coordinating Council (WECC) market and enabling further development opportunities online live casino games region.
- 2024 free bonus casino Capital Power and Ontario (OPG) to advance new nuclear in Alberta with agreement to assess feasibility of small modular reactors (SMRs) for Alberta grid.
- free casino games and distributes a wide
“Capital online live casino games continued to execute on its strategic focus in the first quarter,” said Avik Dey, President and CEO of Capital online live casino games. “We delivered affordable and reliable online live casino games across our diverse and strategically positioned fleet of flexible generation assets. We continued to build decarbonized online live casino games through our Genesee Repowering project where we reached a key milestone with our startup of simple cycle unit 1 during Q1 2024. Once we startup simple cycle unit 2, expected in mid-2024, we will be fully off coal, achieving a significant carbon reduction target. We advanced our pursuit of low-carbon solutions by partnering with OPG to evaluate the deployment of small modular reactors in Alberta. Lastly, we closed the acquisition of the La Paloma and Harquahala generation assets, demonstrating our balanced approach to growth by diversifying our footprint into strategic regions where we provide reliable and affordable online live casino games,” stated Mr. Dey.
“During the quarter, strong contributions from our recent acquisitions of Frederickson 1, Harquahala, and online live casino games partially offset the impact of lower contributions from our Alberta commercial portfolio on adjusted EBITDA results, underscoring the benefits of a diversified fleet,” said Sandra Haskins, SVP Finance and CFO of Capital online live casino games. “As indicated in our guidance presentation earlier this year, a decrease in contributions from the Alberta portfolio was expected throughout 2024 due to the lower online live casino games price environment and forecasted lower generation during the Genesee Repowering project commissioning process. The table below shows the incremental impacts in the quarter as prices settled below expectations, the first fire of simple cycle commissioning for Unit 1 was delayed, and a number of ill-timed forced outages were experienced on the existing, aging Genesee units. As we look out longer term, we are excited by how Capital online live casino games is uniquely positioned to deliver growth and create shareholder value, driven by the macro trends that are increasing North American online live casino games demand. We look forward to sharing further insights into our strategic pathway to net zero at our Free casino games North on May 7 and 8 in Edmonton,” stated Ms. Haskins.
Alberta Commercial Facilities Q1 Impacts
($ millions) | |
Q1-23 Alberta commercial facilities online live casino games | 5 |
Q1-24 guidance reduction (volume and price) | (50) |
Lower captured gross margin (below guidance) | (14) |
online live casino games – Unit 1 delay | (17) |
Other outage costs and impacts | (19) |
Q1-24 Alberta commercial facilities online live casino games | 5 |
Operational and online live casino games Highlights1
(unaudited, millions of dollars except per share and operational amounts) | Three months ended March 31 | |
2024 | 2023 | |
Electricity online live casino games (Gigawatt hours) | 8,809 | 7,417 |
online live casino games | 94% | 94% |
Revenues and other income | ,119 | ,267 |
online live casino games 2 | 9 | 1 |
online live casino games income 3 | 5 | 5 |
Net income attributable to shareholders online live casino games Company | 5 | 6 |
Basic earnings per share | .58 | .39 |
Diluted earnings per share | .57 | .38 |
online live casino games cash flows from operating activities | 4 | 9 |
Adjusted funds from operations 2 | 2 | 0 |
Adjusted funds from operations per share 2 | .15 | .80 |
Purchase of property, plant and equipment and other assets, online live casino games | 8 | |
Dividends per common share, declared | >949_word_end<.6150 | >951_word_end<.5800 |
- The operational and online live casino games highlights in this press release should be read in conjunction with the Management’s Discussion and Analysis and the audited condensed interim online live casino games statements for the three months ended March 31, 2024.
- Earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emissions credits and other items that are not reflective online live casino games long-term performance online live casino games Company’s underlying business (adjusted EBITDA) and adjusted funds from operations (AFFO) are used as non-GAAP financial measures by the Company. The Company also uses AFFO per share which is a non-GAAP ratio. These measures and ratios do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Financial Measures and Ratios.
- Includes depreciation and amortization for the three months ended March 31, 2024 and 2023 of 2 million and 1 million, respectively. Forecasted depreciation and amortization for the remainder of 2024 is 6 million per quarter.
Significant Events
Large-scale virtual online live casino games purchase agreement with Saputo Inc.
On March 27, 2024, the free casino games and distributes a wide The agreement pertains to online live casino games’s Canadian-based wind facility Halkirk 2 currently under construction. Subject to final regulatory approvals and once operational, the portion online live casino games wind facility contracted by Saputo will generate approximately 206,300 MWh of renewable electricity per year.
Acquisition of CXA online live casino games LLC and New Harquahala Generating Company, LLC
The New casino games Paloma Acquisition and the 2024 free bonus casino Acquisition closed on February 9, 2024 and February 16, 2024, respectively.
On November 20, 2023, the Company announced that it had entered into two separate definitive agreements with CSG Investments, Inc., a subsidiary of Beal online live casino games Corporation, to acquire:
- 100% online live casino games equity interests in CXA La Paloma, LLC (La Paloma), which owns the 1,062 MW La Paloma natural gas-fired generation facility in Kern County, California (the La Paloma Acquisition); and
- under a newly formed 50/50 partnership between Capital online live casino games Investments, LLC and an affiliate of a fund managed by BlackRock’s Diversified Infrastructure business (BlackRock), 100% of the equity interests in New Harquahala Generating Company, LLC (Harquahala), which owns the 1,092 MW Harquahala natural gas-fired generation facility in Maricopa County, Arizona (the Harquahala Acquisition and together with the La Paloma Acquisition, the Acquisitions).
Under the newly established 50/50 partnership, Capital online live casino games and BlackRock are each responsible for funding 50% of the cash consideration for the Harquahala Acquisition. Capital online live casino games is responsible for the operations and maintenance and asset management for which it will receive an annual management fee.
La Paloma and Harquahala are critical infrastructure assets, which support the reliability of California and Arizona’s electricity grids and add further growth opportunities in the attractive WECC market while balancing online live casino games’s geographical footprint across North America. La Paloma is contracted under various resource adequacy contracts through 2029 with multiple investment grade utilities and load serving entities. Harquahala is 100% contracted under a tolling agreement through 2031 with an investment grade utility.
The Acquisitions are expected to generate average annual online live casino games of approximately 5 million (US7 million) for the 2024-2028 period and are estimated to be, on average, 8% accretive to AFFO per share over the same period.
The purchase price of the Acquisitions attributable to Capital online live casino games was .5 billion (US.1 billion), subject to working capital and other customary closing adjustments. The Acquisitions were partially funded by a 0 million subscription receipt offering and 0 million medium term notes offering.
Updates to online live casino games
On January 16, 2024, the Online Live Casino Framework<,Sustainability. Commissioning of simple cycle Unit 1 occurred online live casino games first quarter of 2024 and Unit 2 is expected to be completed in third quarter of 2024. During the commissioning phase, unit dispatch will be driven by project needs rather than economic dispatch therefore output during commissioning of simple cycle will range between 0 and 411 MWs. Combined cycle for Unit 1 and Unit 2 is expected to be completed in Q4 2024 and output will range between 0 and 466 MWs during commissioning. Both units are expected to reach 566 MWs online live casino games first half of 2025. Due to incremental costs related to outages required for tie in and ongoing productivity challenges, the project is expected to come in at the updated cost of .55 to .65 billion.
Partnered with Ontario online live casino games Generation to advance new nuclear in Alberta
On January 15, 2024, online live casino games2024 free bonus casino Capital Power and Ontario to jointly assess the development and deployment of grid-scale SMRs to provide clean, reliable nuclear energy for Alberta.
Pursuant to the agreement, the two companies will examine the feasibility of developing SMRs in Alberta, including possible ownership and operating structures. SMRs are being pursued by jurisdictions in Canada and around the world to online live casino games the growing demand for clean electricity and energy security.
Capital online live casino games and OPG will complete the feasibility assessment within two years, while continuing to work on the next stages of SMR development.
Subsequent Event
Discontinuation of .4 billion online live casino games CCS project
Capital online live casino games is discontinuing pursuit of the Genesee CCS project. Through our development of the project, we have confirmed that CCS is a technically viable technology and potential pathway to decarbonization for thermal generation facilities including Genesee. However, at this time, the project is not economically feasible and as a result we will be turning our time, attention, and resources to other opportunities to serve our customers with balanced energy solutions. Capital online live casino games looks forward to exploring CCS at Genesee and certain assets in our North American fleet in the future as economics improve.
Analyst conference call and webcast
Capital online live casino games will be hosting a conference call and live webcast with analysts on May 1, 2024 at 9:00 am (MT) to discuss the first quarter financial results.
Conference call details online live casino games sent directly to analysts.
An archive online live casino games webcast will be available on the Company’s website following the conclusion online live casino games analyst conference call.
Non-GAAP online live casino games Measures and Ratios
Capital online live casino games uses (i) earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from our joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emission credits (adjusted EBITDA), and (ii) AFFO as financial performance measures.
Capital online live casino games also uses AFFO per share as a performance measure. This measure is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share.
These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of Capital online live casino games, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of our results of operations from management’s perspective.
Forward-looking Information
Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital online live casino games’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.
Material forward-looking information in this press release includes disclosures regarding (i) status of the Company’s 2024 AFFO and adjusted EBITDA guidance, (ii) forecasted 2024 depreciation, (iii) the timing of, funding of, generation capacity of, costs of technologies selected for, environmental benefits or commercial and partnership arrangements regarding existing, planned and potential development projects and acquisitions (including the repowering of Genesee 1 and 2, La Paloma and Harquahala acquisitions, and Halkirk 2, (iv) the financial impacts of the La Paloma and Harquahala acquisitions, and (v) the timing of the nuclear feasibility assessment between Capital online live casino games and Ontario online live casino games Generation.
These statements are based on certain assumptions and analyses made by the Company considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) performance, (iii) business prospects (including potential re-contracting of facilities) and opportunities including expected growth and online live casino games projects, (iv) status of and impact of policy, legislation and regulations and (v) effective tax rates.
Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which the Company operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions, or price volatility within our supply chains, (iv) generation facility availability, wind capacity factor and performance including maintenance expenditures, (v) ability to fund current and future online live casino games and working online live casino games needs, (vi) acquisitions and developments including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) ability to realize the anticipated benefits of acquisitions, (ix) limitations inherent in the Company’s review of acquired assets, (x) changes in general economic and competitive conditions and (xi) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See Risks and Risk Management in the Company’s Integrated Annual Report for the year ended December 31, 2023, prepared as of February 27, 2024, for further discussion of these and other risks.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as online live casino games specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Territorial Acknowledgement
In the spirit of reconciliation, Capital online live casino games respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital online live casino games’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.
About Capital online live casino games
Capital online live casino games is a growth-oriented online live casino games producer committed to net zero by 2045, with approximately 9,300 MW of online live casino games generation at 32 facilities across North America.
We prioritize delivering reliable, affordable and decarbonized online live casino games that communities can depend on, building decarbonized online live casino games systems needed for tomorrow, and creating real net zero solutions for customers. We are powering change by changing online live casino games.