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.
- 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.