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| Company type | Public |
|---|---|
| NYSE: AT TSX: ATP Russell 2000 Component | |
| Industry | Electric utility |
| Founded | 2004 |
| Headquarters | Dedham, Massachusetts, United States |
Area served | United States, Canada |
Key people | James Moore (CEO) |
| Products | Electricity generation |
| Revenue | US$282,300,000(2018) |
| Total assets | US$1,024,500,000(2018) |
| Owner | Mr. James J. Moore Jr. |
| Website | www.atlanticpower.com |
Atlantic Power Corporation headquartered in Dedham, Massachusetts, is a power generation and infrastructure company with a portfolio of assets in the United States and Canada. The company is engaged in power generation through hydro, natural gas, biomass, and coal fired power plants.[2] Its power generation projects had an aggregate gross electric generation capacity of 15,98 megawatts, consisting of 17 operational power generation projects across 9 states in the United States and 2 provinces in Canada. [3]
Key Executives For Atlantic Power Corporation[4][edit]
| Name | Board Relationships | Title | Age |
|---|---|---|---|
| James J. Moore Jr. | 9 relationships | CEO, President & Director | 60 |
| Terrance Ronan | No Relationships | Executive VP, CFO and Principal Financial & Accounting Officer | 58 |
| Philip Danie Rorabaugh | No Relationships | Senior Vice President of Operations | 57 |
| Joseph E. Cofelice |
No Relationships | Executive Vice President of Commercial Development | 60 |
Atlantic Power Corporation Board Members[6][edit]
| Name | Board Relationships | Primary Company | Age |
|---|---|---|---|
| Irving Russell Gerstein C.M., O.Ont. | 54 Relationships | Atlantic Power Corporation | 77 |
| James J. Moore Jr. | 9 Relationships | Atlantic Power Corporation | 60 |
| Richard Foster Duncan | 16 Relationships | SAIL Capital Partners LLC | 64 |
| Kevin T. Howell CA | 6 Relationships | Reliant Energy Power Supply, LLC | 60 |
| Gilbert Samuel Palter | 15 Relationships | EdgeStone Partners, Inc. | 52 |
Atlantic Power Corporation Executive Committees[7][edit]
| Committee Name | Chairperson | Board Relationships | Members |
| Audit Committee | Richard Foster Duncan | 16 Relationships | 4 Executives |
| Compensation Committee CA | Kevin T. Howell | 6 Relationships | 4 Executives |
| Nominating Committee C.M., O.Ont. | Irving Russell Gerstein | 54 Relationships | 4 Executives |
| Corporate Governance Committee C.M., O.Ont. | Irving Russell Gerstein | 54 Relationships | 4 Executives |
February 26, 2019- Atlantic Power Corporation announced that Irving R. Gerstein, Chairman of the Company's Board of Directors, will retire from the Board following the Company's 2019 Annual Meeting of Shareholders in June. Following his retirement, Mr.Gerstein will be succeeded as Chairman by Kevin T. Howell.
"Irving Gerstein has served as our Chairman for nearly fifteen years. For the past four years it has been my pleasure to be on the same team with Irving. I learned much from him, and his humor and sage advice will be missed by all. On behalf of the entire Board of Directors, I would like to thank him for his leadership and dedication," said James J. Moore, Jr., President and CEO of Atlantic Power. [8]
Atlantic Power Corporation Key Employees [9][edit]
| Name | Job Title | Board Level | Since | Age |
|---|---|---|---|---|
| Irving R. Gerstein | Chairman | Executive Board | 2004 | 75 |
| James. J. Moore | CEO, Director, President | Executive Board | 2015 | 57 |
| R. Foster Duncan | Director | Non Executive Board | 2010 | 62 |
| Holli Ladhani | Director | Non Executive Board | 2010 | 45 |
| Teresa M. Ressel | Director | Non Executive Board | 2014 | 53 |
| Kevin T. Howell | Director | Non Executive Board | 2014 | 58 |
| Gilbert S. Palter | Director | Non Executive Board | 2015 | 50 |
| Terrence Ronan | Chief Financial Officer, Executive
Vice President |
Senior Mangement | 2012 | 56 |
| Joseph E. Cofelice | Executive Vice President
Commercial Department |
Senior Mangement | 2015 | 58 |
| Dan Rorabaugh | Senior Vice resident
Asset Management |
Senior Mangement | 2013 | |
| Jeffrey S. Levy | General Counsel, Senior Vice President | Senior Mangement | 2012 | |
| Jamie D'Angelo | Chief Administrative Officer | Senior Mangement |
Atlantic Power Corporation Key Competitors[10][edit]
| Name | Headquarters | Revenue (US$ m) |
| American Electric Power Company, Inc. | United States | 16,380 |
| Duke Energy Corporation | United States | 22,743 |
| Exelon Generation Company LLC | United States | 17,751 |
| Idaho Power Co | United States | |
| Innergex Renewable Energy Inc | Canada | 221 |
| Northland Power Inc | Canada | 829 |
Assets[edit]
Cadillac[edit]
39.6 MW biomass-fired facility located in Cadillac, Michigan. Acquired in December 2010. Sells electric power to Consumers Energy Company, under a 35 year PPA that expires in June 2028[11]
Calstock[edit]
Biomass generation facility that utilizes waste heat to produce electricity. Located on the north side of Highway 11, in the Township of Stoddart, in the District of Cochrane, Ontario.Sells 100% of its output to the Ontario Electricity Financial Corporation (OEFC)[12]
Chambers[edit]
Chambers Cogeneration, LP owns the 261 MW net, pulverized coal-fired facility located in southwest New Jersey. Atlantic Power indirectly owns a 40% interest in the facility. One of the cleanest coal-burning facilities in the U.S. Sells the majority of its generating capacity and electrical output to Atlantic City Electric (ACE), a wholly-owned subsidiary of Exelon Corp. [13]
Curtis Palmer[edit]
Two run-of-river hydroelectric generating stations located on the Hudson River in Corinth, New York. The Curtis station, located 2,700 feet upstream of the Palmer station, has an output of 12 MW. Sells its output to Niagara Mohawk Power Corporation.[14]
Frederickson[edit]
A 250 MW natural gas-fired combined-cycle generating facility, located in Pierce County, Washington State. Atlantic Power indirectly own 50.15% in the Project. Sold under long-term power purchase agreements with three Washington State public utility districts: Benton County, Franklin County, and Gray's Harbor Public Utility Districts.[15]
Kapuskasing[edit]
A 40 MW gas-fired enhanced combined-cycle generating facility located near Kapuskasing, Ontario. The project is not currently in operation.[16]
Kenilworth[edit]
A 29 MW dual fuel, combined-cycle cogeneration project. Major equipment includes a 25 MW gas turbine and a 4 MW steam turbine. Sells to Merck & Co., Inc. under an energy services agreement (ESA). [17]
Koma Kulshan[edit]
A 13.3 MW run-of-the-river hydroelectric generation facility located on the slopes of Mt. Baker, north of Seattle, Washington. Sells its electrical output to Puget Sound Energy, Inc.[18]
Mamquam[edit]
A 50 MW hydro facility located on the Mamquam River 5km northeast of Squamish, British Columbia. Sells output under a long-term PPA with BC Hydro.[19]
Manchief[edit]
A 300MW simple cycle generating facility located near Brush, Colorado. Sells output under a long-term contract with Public Service Colorado (PSCo). Manchief provides electricity to PSCo during peak load periods.[20]
Moresby Lake[edit]
A 6 MW reservoir-based hydroelectric generating station located on the island of Haida Gwaii off the north coast of British Columbia. Sells all of the electricity generated to BC Hydro under a long-term PPA.[21]
Morris[edit]
A 177 MW natural gas-fired cogeneration facility located on Equistar Chemicals LP's (Equistar) chemical plant in Morris, Illinois. Sells all of the steam and a portion of electricity generated to Equistar under a long-term energy services agreement.[22]
[edit]
A 47 MW combined cycle, cogeneration facility located at the San Diego Naval Station on the eastern edge of San Diego Bay, California. PPA with San Diego Gas & Electric Company (SDG&E) was terminated in February 2018. Accordingly, the Company is proceeding with preparations to decommission the site, as required by its agreement with the Navy.[23]
[edit]
A 25 MW combined cycle cogeneration facility that served the Marine Corps Recruiting Depot (MCRD) and the Antisubmarine Warfare Training Complex in San Diego, California. PPA with San Diego Gas & Electric Company (SDG&E) was terminated in February 2018. Accordingly, the Company is proceeding with decommissioning of the NTC site, as required by its agreement with the Navy.[24]
Nipigon[edit]
A 40 MW gas-fired enhanced combined-cycle generating facility located in Nipigon, Ontario. The project returned to service in single-cycle mode and will operate on a flexible basis.[25]
North Bay[edit]
A 40 MW gas-fired enhanced combined-cycle generating facility located in North Bay, Ontario. The project is not currently in operation.[26]
North Island[edit]
A 40 MW combined cycle cogeneration facility located on the U.S. Navy's North Island Naval Air Station on Coronado Island in San Diego, California. PPA with San Diego Gas & Electric Company (SDG&E) was terminated in February 2018. Accordingly, the Company is proceeding with preparations to decommission the site, as required by its agreement with the Navy.[27]
Orlando[edit]
A 129 MW natural gas-fired combined-cycle cogeneration facility located in Orlando, Florida. The Project is owned by Orlando CoGen Limited, L.P., in which Atlantic Power indirectly owns a 50% interest. Northern Star Generation indirectly owns the remaining 50% partnership interest. Sells its generating capacity and electric output to Progress Energy Florida.[28]
Oxnard[edit]
A 49 MW combined cycle cogeneration facility located in Oxnard, California. Sells all of its capacity and electric energy to Southern California Edison[29]
Piedmont[edit]
A 55MW biomass-fired generating facility located in Barnesville, Georgia. Utilizes approximately 500,000 tons of woody biomass annually, consisting of urban wood waste, mill and logging residues. Piedmont qualifies as a source of renewable power under federal and state standards. Sells renewable energy credits on the open market.[30]
Tunis[edit]
A 37 MW gas-fired generating facility located in Iroquois Falls, Ontario. Under the new PPA, Tunis will provide electricity to the Ontario grid only when required, thereby assisting to reduce the incidents of surplus baseload generation in the market. [31]
Williams Lake[edit]
A 66 MW biomass-fired generating facility located in Williams Lake, in south-central British Columbia. Biomass fuel consists of wood waste from sawmill operations and roadside logging debris, which is provided under short-term supply agreements with various suppliers.[32]
Atlantic Power Corporation, Power, Deals Summary, 2012 to YTD 2018[33][edit]
| Deal Date | Deal Status | Deal Type | Sponsor/ Owner/
Acquirer |
Target/ Issuer/
Partner(s) |
Vendor/ Debt Provider/
Grant Provider/ Investor |
Deal Value
(US$ m) |
|---|---|---|---|---|---|---|
| 29-Jan-2018 | Completed | Debt Offering | Atlantic Power Corporation | 80.20 | ||
| 05-Dec-2017 | Planned | Equity Offering | Atlantic Power Corporation | 250.00 | ||
| 26-Jun-2015 | Completed | Divestiture Assets | TerraForm Power Inc | Wind Generation Corporation | Atlantic Power Transmission, Inc. | 333.00 |
| 07-Aug-2013 | Completed | Divestiture Assets | NRG Energy Inc | Gregory Cogeneration Plant | Atlantic Power Corporation,
John Hancock Life Insurance Comapny (U.S.A), Rockland Capital Energy Investments, LLC |
244.00 |
| 02-May-2013 | Completed | Asset Purchase | Atlantic Power Corporation | Path 15 Transmission Project | Duke-American Transmission Co | 56.00 |
| 02-May-2013 | Completed | Divestiture Assets | Duke-American Transmission Co | Atlantic Power Corporation | Atlantic Power Corporation | |
| 15-Apr-2013 | Completed | Divestiture Assets | Quantum Utility Generation LLC | Three Power Plants | Atlantic Power Corporation | 140.00 |
| 31-Dec-2012 | Completed | Acquisition | Atlantic Power Corporation | Ridgeline Energy LLC (Inactive) | Eolfi SA | 88.00 |
| 11-Dec-2012 | Completed | Debt Offering | Atlantic Power Corporation | 100.59 | ||
| 05-Jul-2012 | Completed | Equity Offering | Atlantic Power Corporation | 71.04 | ||
| 05-Jul-2012 | Completed | Debt Offering | Atlantic Power Corporation | 130.00 | ||
| 31-May-2012 | Completed | Divestiture Company | Primary Energy Recycling Corp | Primary Energy Recycling Holdings LLC | Atlantic Power Corporation | 30.20 |
| 02-Apr-2012 | Completed | Asset Purchase | Atlantic Power Corporation | Apex Clean Energy Holdings LLC | Apex Clean Energy Holdings LLC |
Full Year 2018 Highlights[34][edit]
- Net income attributable to Atlantic Power of $36.8 million vs. net loss of $(98.6) million in 2017
- Cash from operating activities of $137.5 million decreased from $169.2 million in 2017, but was modestly above Company's expectation
- Project Adjusted EBITDA of $185.1 million in 2018 decreased from $288.8 million in 2017, but was at the high end of Company's guidance range of $170 million to $185 million
- Repaid $100.3 million of term loan and project debt; achieved leverage ratio of 4.5 times at December 31, 2018
- Executed two re-pricings of credit facilities, resulting in additional interest cost savings
- Repurchased and canceled approximately 7.8 million common shares and approximately 645 thousand preferred shares, at a total cost of approximately $24.6 million
- Liquidity at December 31, 2018 of $191.4 million, including approximately $39 million of discretionary cash
- Returned Tunis to commercial operation under 15-year contract
- Announced two acquisitions that will add to capacity, average contract life and Project Adjusted EBITDA
Expected Debt Repayment (June 30,2018 - Year-end 2023)[35][edit]
- Term loan- Amortize $365; $125 remaining balance due at maturity in April 2023
- Project debt (proportional) - Repay $60, ending balance $5
- Series D convertible mature Dec.2019 ($19 US$ equivalent)
Frequently Asked Questions[36][edit]
What is Atlantic Power's ticker symbol?[edit]
On the Toronto Stock Exchange, the ticker symbol is ATP. On the New York Stock Exchange, the ticker symbol is AT.
[edit]
No, we do not sell our shares directly.
Do you have a Dividend Reinvestment Program or DRIP?[edit]
It was terminated effective with the elimination of the Company's common stock dividend policy.
[edit]
The dividend was eliminated in February 2016 because management determined that changes to its capital allocation strategy were appropriate in order to create value for shareholders in a tax-efficient manner, while also improving the Company’s financial flexibility and strengthening its balance sheet. Accordingly, the Company has prioritized allocation of its discretionary capital to repurchases of its equity and debt securities, with a goal of capturing value arising from compelling price-to-value opportunities in these securities. The Company will also continue to allocate capital to high-return investments in its existing projects.
[edit]
The repurchase of convertible debt at a significant discount to par represents an attractive return on the Company’s investment and is consistent with the Company’s goal of further reducing its debt in order to improve its financial flexibility. As a result of debt being reduced, the Company has lower cash interest payments. In addition, the amount of debt maturing in future years is lower and the risk of having to address these debt maturities in potentially unfavorable market conditions is reduced. Furthermore, the risk to common shareholders of potential conversion of these securities to common equity is reduced.
[edit]
The Company believes that the current stock price represents a significant discount to what it considers the intrinsic value per share to be. Repurchase of shares at a discount to intrinsic value reduces the number of shares outstanding and increases the intrinsic value for each of the remaining shares. The Company will undertake share repurchases only when the price-to-value ratio results in a benefit for remaining shareholders (whereas repurchases at a premium to intrinsic value would reduce intrinsic value per share).
[edit]
There is no impact on payment of dividends on the Company’s preferred shares.
How is Atlantic Power affected by changes in the exchange rate of the U.S. to the Canadian dollar?[edit]
Because it owns projects in both the United States and Canada, the Company generates income and cash flow in both U.S. and Canadian dollars. The Canadian dollar income is converted to U.S. dollars for financial reporting purposes. A strengthening of the U.S. dollar against the Canadian dollar reduces reported income from the Canadian projects, whereas a weakening of the U.S. dollar benefits reported income. However, from a cash flow standpoint, the impact on the Company is close to neutral. This is because interest payments on corporate level long-term debt and all but one of the Company’s convertible debentures are made predominantly in Canadian dollars. While a stronger U.S. dollar reduces the amount of cash flow from the Canadian projects, this is largely offset by the benefit of lower cash payments on the Canadian-denominated securities. The Company also has a hedging strategy in place to mitigate currency risk, and from time to time we execute this strategy by entering into foreign exchange forward contracts.
Does Atlantic Power provide a K-1 or does my broker need to give me a 1099?[edit]
Atlantic Power does not provide any tax documents to our investors. You will need to contact your broker for a 1099 to file with your personal income tax return, if you are a U.S. investor, or a T-slip if you are a Canadian investor.
References[edit]
- ^ "Atlantic Power Corporation Releases Fourth Quarter and Year End 2018 Results". PR Newswire. 2/28.2019. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Atlantic Power Corp Company Snapshot". Corporate Information. Archived from the original on 3 March 2016. Retrieved 3 September 2012.
- ^ "Company Overview of Atlantic Power Corporation". Bloomberg News. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=(help) - ^ "Company Overview of Atlantic Power Corporation". Bloomberg. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=(help) - ^ "Atlantic Power Corporation Announces Election of Directors". Electric Energy Online. 6/20/2018. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Company Overview of Atlantic Power Corporation". Bloomberg. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=(help) - ^ "Company Overview of Atlantic Power Corporation". Bloomberg. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=(help) - ^ "Atlantic Power Corporation Announces Planned Retirement of Board Chairman". MarketWatch. 2/26/2019. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Atlantic Power Corporation (ATP) Power - Deals and Alliances Profile". GlobalData: 24. February 2018.
- ^ "Atlantic Power Corporation (ATP) Power - Deals and Alliances Profile". GlobalData: 23. February 2018.
- ^ "Cadillac". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Calstock". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Chambers". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Curtis Palmer". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Frederickson". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Kapuskasing". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Kenilworth". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Koma Kulshan". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Mamquam". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Manchief". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Moresby Lake". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Morris". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Naval Station". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Naval Training Center". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Nipigon". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "North Bay". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "North Island". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Orlando". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Oxnard". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Piedmont". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Tunis". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Williams Lake". Atlantic Power. n.d. Retrieved 5/13/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "Atlantic Power Corporation (ATP) Power - Deals and Alliances Profile". GlobalData: 9.
- ^ "Atlantic Power Corporation Releases Fourth Quarter and Year End 2018 Results". PR Newswire. 2/28/2019. Retrieved 5/14/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ a b "Atlantic Power Corporation - Valuation Analysis - Looks like free money to me". steemit. 10/15/2018. Retrieved 5/14/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help) - ^ "FAQs". Atlantic Power. n.d. Retrieved 5/14/2019.
{{cite web}}:|first=missing|last=(help); Check date values in:|access-date=and|date=(help)
External links[edit]
Category:Power companies of the United States Category:Companies based in Massachusetts Category:Energy companies established in 2004 Category:Non-renewable resource companies established in 2004 Category:American companies established in 2004 Category:Companies listed on the New York Stock Exchange Category:Companies listed on the Toronto Stock Exchange
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