creststreet.com
"Creststreet Power & Income Fund LP
Reports Second Quarter 2006 Financial Results
TORONTO (August 4, 2006) – Creststreet Power & Income Fund LP (the “Partnership”)
(CRS.UN, CRS.DB) today reported revenue of $3.7 million for the second quarter of 2006, up from $3.2 million in 2005, as both wind energy projects were fully operation during the quarter.
Pubnico Point and Mount Copper delivered an aggregate 57.2 gigawatt hours (GWh) of electricity during the second quarter of 2006 to Hydro-Québec and Nova Scotia Power pursuant to their
long-term power purchase agreements, up from 52.5 GWh in 2005.
“Pubnico Point continues to perform well,” said Eric McFadden, Chief Executive Officer of the Creststreet Power & Income Fund LP. “As reported earlier, turbine availability issues at Mount
Copper continued throughout the second quarter but improved significantly in mid-June, concurrent with the increase in its availability warrantee to 95%.” The increase in second quarter revenue from 2005 was principally the result of an additional two months of production at Mount Copper, which began full operations in June 2005. The increase in production and the strong performance of Pubnico Point was partially offset by reduced availability and lower wind speeds at Mount Copper, which reduced the Partnership’s total capacity factor to 31.0% relative to the long-term forecast of 34.5% for the period. Mount Copper’s production was also curtailed to 25 megawatts (MW) (from 54 MW) for approximately one week during the quarter as Hydro-Québec performed maintenance work on its own
transmission lines. Revenue for the six-month period ended June 30, 2006, increased to $7.7 million from $5.2 million in 2005, as both wind energy projects were in full operations for the period in 2006. Together, Pubnico Point and Mount Copper delivered 120.6 GWh of electricity in the first half of
2006, up from 83.8 GWh in 2005. Lower turbine availability at Mount Copper and maintenance work by Hydro-Québec were also offsetting factors in the Partnership’s performance in the firsthalf of 2006. During the second quarter of 2006, turbine availability was approximately 89% at Mount Copper
while availability at Pubnico Point met its 95% warranty level. Mount Copper entered the second year of its warranty on June 15, 2006, increasing its warranted level of availability to 95% from 90% in the first year. Turbine availability at Mount Copper exceeded its first year warrantee level
of 90% despite the facility’s disappointing first quarter performance. Turbine availability warranties
are calculated on an average annual basis; therefore, availability statistics for shorter periods of
time may not be indicative of annual performance.
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