Webpages

Wednesday, February 26, 2014

Iceland, Canada:

Alterra Power Announces HS Orka's 2013 Annual Financial Results (Wall Street Journal - News Release)

Alterra Power Corp. has announced that its 66.6% owned Icelandic subsidiary, HS Orka hf, today released audited financial and operating results for the twelve month period ended December 31, 2013.

Highlights for the year ended December 31, 2013 include (all amounts in US$):

  • Electricity production from the Reykjanes and Svartsengi geothermal power plants increased by 7% to 1,280,394 MWh (2012: 1,193,584 MWh); the additional generation was used to meet new sales contracts entered into in late 2012 and early 2013. 
  • HS Orka generated $21.3 million of EBITDA and $14.1 million of gross profit in 2013 (down 11% and 27% respectively from 2012), reflecting increased maintenance at the power plants in the year as a result of planned cleaning and repair of two boreholes in the period, in addition to increased transmission expenses resulting from an increase in transmission rates of 20% during the period.
  • HS Orka commenced a fluid reinjection program at the Reykjanes field by drilling a new large diameter well to enhance future field stability, whereby a portion of geothermal fluids extracted from current operations will be reinjected into the field to maintain or increase subsurface pressure and optimize the resulting electrical output. 
Read More......